Evaluation And Analysis Of The Value Of New Third Board High-tech Enterprises From The Perspective Of EVA

With the continuous development of China's capital market and the intensification of the globalization of capital flows,the New Third Board market,as a financing platform for high-tech enterprises,has begun to receive more and more attention and recognition from investors.In recent years,China has been committed to building a multi-level capital market,and the new three-board market has become an important part of it,playing a key role in linking up and down.Compared with the main board and the small and medium-sized board market,the New Third Board market provides a broad financing space for more innovative and high-growth companies with relatively small scale,and at the same time brings huge investment income to some investors.However,at present,the supervision system of the new three-board market still has a lot of imperfections and imperfections compared with the main board market.In addition,China's capital market development started late and the maturity is insufficient,in order to help investors better target the new three board market.The company's value discovery and reasonable investment,while helping the management to better optimize the internal control of the company,we must choose the appropriate assessment method to conduct a scientific and reasonable valuation of the target company.The traditional value assessment method is aimed at the high-innovation and high-growth related characteristics of high-tech enterprises,and the application in practice is limited.The evaluation of the EVA valuation model pays more attention to the factors of long-term development of the enterprise,and adjusts the discounted income from accounting profit to economic profit.At the same time,considering the influence of such enterprises on the high cost of equity capital at the beginning of the establishment,it combines high technology.The characteristics of the enterprise have revised the parameters of economic value added,providing investors with scientific and effective evaluation tools.This paper is divided into five chapters.The first chapter mainly describes the research background and significance of the topic selection,and expounds the research ideas and methods when using the EVA model to evaluate the target enterprises,as well as their own innovations and deficiencies.It also analyzes the research results and development direction of economic value added by theoretical and practical circles at home and abroad.The second chapter briefly analyzes the general situation of the new three board market,summarizes the characteristics of high-tech enterprises and analyzes the valuation difficulties of such enterprises,and evaluates the limitations of traditional valuation methods for evaluating high-tech enterprises and the EVA valuation model.Assess the strengths and applicability of such companies.The third chapter mainly explains the classification of EVA model based on the basic connotation and adjustment reasons of economic value added,and constructs the EVA model applied by high-tech enterprises in the valuation.This paper finally adopts three stages.The EVA valuation model evaluates the underlying company.The fourth chapter makes use of the constructed EVA model and DCF free cash flow discount model to evaluate the target company,and corrects the economic value added and free cash flow according to the characteristics of high-tech enterprises,and gives it according to China Industrial Information Network.The research report,which reasonably predicts the weighted average cost of capital of the bidding company and the growth rate of operating income,obtains the evaluation value of the target company by two evaluation methods,and analyzes and discusses the difference between the evaluation results of the two models.Judging that the evaluation result obtained by the EVA evaluation model is closer to the reasonable range of the target company's stock price,it is concluded that the model is more effective in the valuation field of high-tech enterprises.The fifth chapter draws the conclusion of this paper: the valuation based on the EVA model for enterprise value evaluation has certain reliability and scientificity.The model can be promoted and used in such high-tech enterprises,and at the same time,it can be used for investors.Provide reference and recommendations for value discovery and reasonable investment in the New Third Board market.