Research On The Selection Of Value Evaluation Methods For Manufacturing Enterprises In The Selection Layer Of The New Third Board

New OTC Market Selection layer,The new three board,is a financing platform for SMEs nationwide.Since its official operation in 2013,after a boom in the past few years,problems such as declining liquidity and structural differentiation have appeared in the past two years.In October2019,China Securities Regulatory Commission(CSRC)put forward measures to comprehensively deepen the reform of the New Third Board(NEEQ),and proposed the establishment of the NEEQ selective layer and transfer board listing system.The implementation of this system not only encourages some high-quality enterprises on the New Third Board to enter the selected layer and to be listed on the transfer board,but also attracts a large number of investors to the New Third Board and improves the financing efficiency of some high-quality enterprises on the New Third Board.In this context,both enterprise management and investors hope to understand the value of such enterprises,and the market demand for the value assessment of the selected layer of enterprises on the New Third Board is increasing.Most of the selected layer of the New Third Board are high-tech enterprises with high degree of innovation,high risk,strong profitability and high growth.These characteristics increase the uncertainty of enterprise value evaluation and limit the choice of evaluation methods.Firstly,this paper analyzes the principles of different evaluation methods and makes a preliminary selection of evaluation methods based on the characteristics of selected layer manufacturing enterprises on the New Third Board.The feasibility of four evaluation methods,including FCFF model,EVA evaluation method,market method and real option method,is discussed.Then,Beitre New Materials Group Co.,Ltd.was selected to verify the evaluation method.As one of the first enterprises to enter the selected layer of the New Third Board,Beitre,whose main products are positive and negative electrodes of lithium batteries,is a representative enterprise in the new energy battery industry and has certain representativeness to the manufacturing enterprises of the selected layer of the New Third Board.The intrinsic value of Beitri on the base day of evaluation was estimated by the method of preliminary screening.The results show that the evaluation results of FCFF model are lower,EVA model and market method are higher,and the evaluation results of real option method are more reasonable.Through an analysis of the differences in evaluation results,and finally the FCFF model is obtained,EVA model,marketing model to the new three board to evaluate the value of the enterprise,but limited in application is larger,the result too high or low,and the law of real option no matter in theory or in practical application,more suitable for the new three board selected layer manufacturing enterprise's value estimation.