Research On Value Evaluation Of New Third Board Enterprises

At the stage of rapid development of technological innovation in China,a large number of high-tech industries have emerged rapidly,which has brought a strong impetus to social development,adjusted the industrial structure,and accelerated economic development and technological innovation.The new third board market provides a good opportunity and development platform for high-tech enterprises.Data show that by December 2017,the total number of Listed Companies in the new third board market has reached 11630,with a total trading capital of more than 675.673 billion shares.Reasonable evaluation of the value of the new third board enterprises has certain practical significance for promoting the efficiency of the new third board market and promoting the innovation and development of the new third board enterprises.The high-risk characteristics of listed companies on the new third board make the traditional valuation methods have some applicability problems,but the real option model can better consider the high uncertainty faced by the rational evaluation of the value of the new third board enterprises,and provide a good research perspective for the rational evaluation of the value of the new third board enterprises.Through observation,we find that a large number of Listed Companies in the new third board market improve the value of investors through cash dividend allocation.Therefore,this paper improves the real option model based on the dividend perspective to examine the impact of cash flow on the value evaluation of the new third board enterprises,so as to provide reference for investors to rationally allocate resources and regulators to formulate corresponding policies.This paper first analyzes the status quo of domestic and foreign research from the perspective of combining theory with empirical analysis.Based on the connotation of real options and financial options,this paper analyzes the applicability of real options ideas in the field of valuation of listed companies in the new third board.By extracting the characteristics of the new third board enterprises,this paper demonstrates the option logic contained in the new third board enterprises,and combines the characteristics of the new third board trading market.Compared with the traditional valuation model,this model has more applicability and superiority compared with other real option models as the new third board enterprise valuation method.The model was improved by introducing two variables of dividend and stamp duty,and the improved option pricing model of the new three-board enterprise was obtained.On this basis,the data of the three companies in the financial industry and the high-end manufacturing industry,which accounted for a relatively high transaction volume in the New Third Board market,were empirically tested and compared with the model before the improvement.Compared with the model before the improvement,the results show that the improved model is closer to the market value of the enterprise,thus further improving the value evaluation of the new third board enterprise.