Research On The Value Evaluation Of The New Third Board Enterprises Based On The Real Option Method

The discussion of enterprise equity value evaluation has always been the focus of enterprises and investors.Nowadays,although the new third board market is developing rapidly,due to the objective factors such as short setup time and less active trading than the main board market,there are not many research methods applicable to the new third board enterprise value evaluation compared with the main board market.Therefore,in the context of the vigorous development of the new third board market,it is conducive to the better development of the new third market and generate more economic value to find a more suitable method for the enterprise value evaluation.The main research object of this paper is a company listed on the new third board,and the main research methods are case analysis and comparative analysis.After studying the theory of enterprise value evaluation and the related evaluation model,this paper first classifies and arranges the relevant research on enterprise value evaluation by scholars at home and abroad,at the same time,referring to the research results of scholars at home and abroad,and according to the characteristics of the new third board of China,analyzes the applicability of the relevant enterprise equity value evaluation methods,and selects the physical period for this paper The law of rights paves the way.On this basis,choose the suitable value evaluation method for the new third board enterprises.Finally,the Black Scholes option pricing model is determined and applied to the case study of the new third board company A.By using the Black Scholes model of real option method and the discounted cash flow model of market method,the per share value of company a is calculated.The comparison between the per share value calculated by the two methods and the average share price of company a in 2019 proves that the real option method can evaluate the value of the new third board enterprise more reasonably.Finally,the conclusions are summarized and the limitations in the research process are pointed out.