A Case Study On The "High Market Value" Of China Micro Of The First Batch Of Listed Companies On The Science And Technology Innovation Board

As a Chinese version of "Nasdaq",Science and Technology Innovation Board is the most concerned issue of many investors for the market value of listed companies.The most obvious characteristics of companies listed on the Science and Technology Board are industries and high-tech enterprises that are actively encouraged by the national strategy.As a strategically emerging sector,the Science and Technology Board is different from the previous stock market.There are more innovative regulations on the issuance requirements and trading mechanisms,and the valuation and value of the companies listed on the Science and Technology Board show their core competitiveness.The average price-to-earnings ratio of the 25 companies listed on the first batch of science and technology board is as high as 53.4 times,compared with 23 times the A-share conventional price-earnings ratio multiples.What is the rationale behind the "high valuation and high price-earnings ratio" of its listed companies on the science and technology board? What are the supporting and influencing factors? Therefore,the phenomenon of "high valuation and high price-earnings ratio" of listed companies on the Science and Technology Board is worthy of in-depth study.Based on signal transmission theory and investor sentiment-related theories,this article selects the first batch of listed companies on the Science and Technology Board with the highest P / E ratio Zhongwei Company as the research object,based on the statistical data of companies,industries and the first listed companies from 2016 to 2018 As a basis,the use of literature research methods,case analysis methods and event research methods to explore the influencing factors of the “high valuation” of the company,the market reaction behind the “high price-earnings ratio”,the company ’s intrinsic value is reflected in its financial performance,and the company ’s financial Whether performance can support the rationality of its valuation.The main conclusions of this article are as follows: First,the market value of Zhongwei Company is higher than the company’s intrinsic value.The main influencing factors of high market value are indeed influenced by the country’s strategic orientation and policy support,industry development status,and investor sentiment.Second,government industrial policy support directly affects the company’s market value.Based on signal transmission theory,government subsidies and preferential taxation policies can alleviate the rapid development of the company ’s capital needs and financial performance,which in turn will increase the company ’s valuation.Third,the prospects of industry segments and leading companies can obtain excess returns,which directly affects market value.Fourth,in the long run,the value of an enterprise still depends on the company’s good operating and financial results.In the short term,the market value of an enterprise may be affected by other factors,and there is overestimation or even hype.But in the long run,it is the intrinsic value of the enterprise that determines the market value of the enterprise.Through the research on the first batch of "high valuation and high market value" typical cases of the Science and Technology Board,reasonable valuation plans have been formulated for other upper-level companies.The financing methods have certain reference significance.