Research On Value Evaluation Of New Third Board High-tech Enterprises Based On EVA Model And Real Option Method

In recent years,the New Third Board market has achieved substantial development and attracted more and more attention from investors with the continuous development and improvement of China’s capital market.As an important part of China’s multi-level capital market,the New Third Board market plays a key role in connecting the past and the future,and shoulders the important task of creating financing space for small and medium-size enterprise.Different from other markets,most enterprises listed and traded on the New Third Board are high-tech enterprises,which provide new vitality for the transformation of China’s economic development from high speed to high quality.High-tech enterprises have been favored by a large amount of capital due to their high added value of products,fast growth rate and large profit margins.Therefore,how to reasonably price the New Third Board high-tech enterprises has become the key problem to carry out investment and financing activities.Due to the different characteristics of New Third Board high-tech enterprises from traditional enterprises,the traditional evaluation methods have great limitations in application,which cannot truly reflect the intrinsic value of enterprises.Based on this,this paper studies the value evaluation of New Third Board high-tech enterprises,in order to find appropriate methods for scientific and reasonable valuation of such enterprises,in order to help investors and enterprise managers make investment and financing decisions.Based on sorting out related researches at home and abroad,this paper takes new and high technology enterprises of new and third board as the research object.First,this paper makes an in-depth analysis on the characteristics,valuation difficulties and value composition of new and third board new and high technology enterprises,and divides the value composition of new and third board new and high technology enterprises into two parts.One was the value of existing profitability based on the steady return of existing assets;the other was the uncertain value of potential investment opportunities.Then,the traditional enterprise value evaluation method was analyzed logically,and it was found that the traditional evaluation method had certain limitations in the practical application,and it could not scientifically and completely evaluate the intrinsic value of New Third Board hightech enterprises.In order to solve this problem,this paper proposed an evaluation model combining EVA model and B-S option pricing model according to the characteristics and value composition of New Third Board high-tech enterprises.EVA model was used to evaluate the current profitability value of new third board high-tech enterprises.B-S option pricing model was used to evaluate the value of its potential profitability.And the adaptability and rationality of the evaluation model were analyzed.In case analysis part,minimally invasive photoelectric co.,LTD was chosen as an example,the evaluation model was constructed to evaluate the intrinsic value of the company,finally compared and analyzed the assess result and the reference value to the market.The result showed the evaluation model can scientific and accurate assessment of the New Third Board of high and new technology enterprise value conclusion as the error was in a reasonable range.