Research On The Comparison Of The Valuation Of Innovative Enterprises Under Different IPO Systems

In the process of economic development,the enterprise is the most active subject element.Business valuation,evaluating the intrinsic worth of the enterprise,is an important indicator to predict the development of the enterprise in the future and the basis on pricing before an enterprise in IPO(Initial Public Offerings).In the capital market,different IPO systems have different evaluation systems of enterprise valuation.System of stock offering in our country transformed from examination and approval system to approval system,and now is at a crucial stage of the reform of the registered system.While many developed countries,such as the United States,a typical example,have been carrying out registered system.As the development of the international capital market,enterprises in our country try to list on abroad to meet the demand of financing,and most of them are listed in the United States.In addition to the advantages of a lower listing threshold and a faster listing speed under the IPO registered system,the reason why enterprises in our country are listed in the United States are the different assessed values of enterprises in this two country and different rules about the equity structure of the listed enterprises.Therefore,under different IPO systems in China and the United States,it is more important to study the differences and differentiation of enterprise 'valuation and the factors that affect enterprise valuation.After clearing focus and direction,this paper makes a comparative analysis of the valuation of innovative enterprises under different IPO systems.The paper is divided into three parts:the first part is the introduction,which introduces the research background,significance,content and framework of the paper,and summarizes the previous research results.The second part contains theoretical analysis and empirical research,which is the emphasis of the paper.On the basis of summing up the former research findings and the necessity of the reform of the registered system,this paper combines PEG index with extended C-D production function and builds a PEG value assessment model.Then,the paper uses this model to conduct an empirical research on the data that are during five years from 2013 to 2017,and the samples are 97 innovative enterprise which are from Growth China Enterprises Market and the United States stock market.The research results show that intangible assets has a positive effect on the improvement of the enterprise valuation,and compared with China's capital market which doesn't allow the "shares with different rights",that registered system in the United States allows dual-stock structures helps to improve the valuation of innovative enterprises.Afterwards,selecting typical enterprises as examples,this paper analyzes the promoting effect of high valuation on the development of innovative enterprises from the aspects of guiding resource allocation and improve enterprise performance,and expounds the concepts of valuation bubble and its solution.The third part of the paper is the summaries and suggestions.According to the above analysis results,the paper make recommendations under the background of reform of the registered system in our country.