The Research On Relative Valuation Method In IPO Pricing Of Sci-tech Innovation Board Under The Perspective Of Enterprise Life Cycle

The Sci-Tech innovation board is an important financial market reform measure to support and cultivate scientific and technological innovation enterprises with development potential,which has important strategic guidance and resource support significance.The new listing rules of the Sci-Tech innovation board are not only limited to the conditions of profit and operating income,but also more diversified and inclusive,ana inject new vitality into development of the capital market.The new characteristics of the listed enterprises on the Sci-Tech innovation board also put forward new requirements for the valuation of enterprises.The traditional absolute valuation method is not fully competent,so it is necessary to explore and supplement the valuation method.So as to provide a better valuation reference for investors' investment decisions,this paper explores the correlation between the relative valuation index and the enterprise value in different life cycle stages to discover the law of relative valuation method in the enterprise valuation,and provide constructive reference for investors' invesment decision.In this paper,empirical research method is used to conduct relevant research,and the data from 2015 to 2019 of Shenzhen SME plate market enterprises with prominent main business and good growth characteristics are taken as the research object,and the life cycle stage of an enterprise is introduced into the model as a type of moderating variable.The relationship between independent variable and dependent variable is observed under different values of adjustment variable,so as to explore the correlation between relative valuation index and enterprise value under different life cycle.This paper bases on the panel data and uses the method of DID.Tobin's Q,that difines as an agent variable of enterprise value,is used as the dependent variable,and the P/R ratio,P/S ratio and P/E ratio are the main independent variables.The start-up period,growth period and maturity period are virtual variables.Through the empirical study,we find that:(1)enterprises in different life cycle stages have different characteristics,and different relative valuation methods are applicable.(2)Although there are differences in life cycle,the evidences shows that the P/R ratio and enterprise value are correlated in the all stages,such as the start-up stage,the growth stage and the mature stage.(3)the evidences also shows that the P/S ratio and enterprise value are correlated in each stage,which can be used as an important reference for valuation decision-making.(4)There is no significant correlation between P/E ratio and enterprise value,and the applicability of investment valuation decision in China's capital market is not well.Based on the research findings,this paper suggests that investors should pay attention to the P/R ratio and the P/S ratio when making investment decision by using relative valuation method,and not limited to using one method,.You can use multiple methods at the same time.In particular,for high-technological enterprises with high R & D input,we should focus on the P/R ratio,and make a comprehensive comparison with similar enterprises in existing industries to improve the accuracy of valuation.