Research On The Equity Value And Influencing Factors Of Listed Enterprise Of Neeq

Under the background of China's financial reform and development entering a new era,the focus of financial system reform and development is the real economy,scientific and technological innovation,and the improvement of China's financial system to support rapid economic development and maintain a stable macroeconomic environment.Therefore,we must focus on promoting the multi-level capital market,so as to effectively promote the reform of the financial system.Among them,the new three board market,as the foundation of China's capital market,not only diversifies the financing channels of many enterprises,but also benefits the improvement of capital structure,brings much-needed funds to start-up high-tech enterprises,and provides investors with new investment targets,and brings practical impetus to the rapid development of the real economy.However,the new third board market has not been established for a long time,and the quality of listed enterprises is uneven,resulting in many high-quality enterprises with high uncertainty of development and profitability being buried.Therefore,the accurate evaluation of the equity value of the new third board enterprises and the deep understanding of its influencing factors are related to the good development of the whole market.Therefore,this paper first selects appropriate methods to evaluate the equity value of the new third board enterprises,then makes an empirical analysis of the influencing factors of the theoretical value of the equity,and finally puts forward its own suggestions based on the empirical results.The research object of this paper is the equity value and its influencing factors of the new third board enterprises.Firstly,it expounds the research background and significance of the equity value and its influencing factors of the new third board enterprises,combs the relevant research of domestic and foreign scholars on the equity valuation and its influencing factors,introduces the related concepts such as valuation,and establishes the theoretical basis of this study.Secondly,it analyzes the applicability of each equity value evaluation method,introduces the current situation of the new third board market,industry and regional distribution characteristics,and then analyzes the influencing factors of enterprise equity value from both internal and external perspectives,which lays the foundation for the empirical analysis of the following paper.Through the above theoretical analysis,this paper finally chooses the real option method to evaluate the equity value of the new third board enterprises.Comparing the two classical models under the real option method,we choose the B-S model which is more suitable for the evaluation of equity value of the new third board enterprises.Taking 274 enterprises in the new third board market as samples,according to the valuation model of real option method,the paper identifies the option characteristics of enterprises and calculates five model parameters,which are substituted into the calculation formula to get the results,that is,the theoretical value of equity of new third board enterprises.By comparing the theoretical price of each share with the market performance,the deviation rate of the evaluation results of the real option model is analyzed.Then,combined with the above theoretical analysis,it makes a reasonable assumption on the internal factors that affect the equity value of the enterprise,and tests the rationality of the assumption through multiple linear regression,and makes an explanatory analysis on the regression results.The results show that the B-S pricing model can effectively evaluate the equity value of the new third board enterprises,which is worthy of further study and reference.Further regression analysis indicates that the size,profitability,solvency,cash capacity and asset structure of the new third board enterprises have a significant impact on the equity theoretical value of the new third board enterprises.Finally,this paper summarizes the conclusions of the study,and puts forward targeted suggestions for the research results of equity valuation and its influencing factors,in order to promote the healthy and rapid development of NEEQ.