Reasearch On Value Evaluation Of Enterprises In Sci-Tech Innovation Board Based On FCFF And B-S Combination Model

The emergence of the Sci-Tech innovation board responds to China’s economic strategy and development requirements,focusing on serving science and technology innovative enterprises in key areas such as new materials,new energy and biomedicine.The launch of the Sci-Tech innovation board is a major reform initiative to enrich the existing capital market levels and improve the standard of science and technology in China.Different from the original capital board,the Science and Technology Innovation Board innovatively proposes a series of new systems,such as allowing unprofitable enterprises to be listed.The existing traditional valuation methods cannot adapt to the characteristics of the enterprises on the Sci-Tech innovation board,so it is necessary to adjust and optimize the existing valuation methods.How to accurately assess the value of companies listed on the Sci-Tech innovation board has become one of the mainstream research hotspots in the field of enterprise valuation at present.The listed enterprises on the Sci-Tech innovation board are characterized by high growth,high R&D investment and high risk.So when traditional methods are applied to the valuation of board,there are inevitably some limitations,such as uncertainty of enterprise development and inaccurate assessment of enterprise growth value.In this paper,we argue that the value of Sci-Tech innovation board listed enterprises is not only reflected in the existing operating results,but also in the potential future earnings,and the real option method can effectively estimate this potential value of enterprises.In this regard,this paper proposes a value evaluation path to apply the real option method to Sci-Tech innovation board listed enterprises:the value of listed enterprises is divided into two parts,one is the value of existing assets and the other is the potential future value.A combined model of Free Cash Flow for the Firm(FCFF)and BLACK and SCHOLES model(B-S)is constructed.By using the FCFF model to evaluate the existing asset value,and then using the B-S model to calculate the potential asset value,the two parts of the value are fused as the overall value.In the end,this paper explores the applicability of applying the real option method to the value assessment of Sci-Tech innovation board listed companies through an empirical study,using AMIC as an example.Applying the portfolio model,the value of AMIC is calculated and the calculation results are compared with the average market value of AMIC from the listing date to the valuation base date.The results of the comparison experiment show that the results calculated using the portfolio model have lower stock price deviation and obtain more accurate valuation results compared with those calculated using the single income method model.The research in this paper shows that the introduction of real options theory in the valuation practice of Sci-Tech innovation board companies can reflect both the current earnings value of existing assets and include the creative value of future growth opportunities,which makes the assessed results more closely match the intrinsic value of enterprises.This combination model can serve as an effective supplement to the traditional valuation methods and has certain guiding significance for the value assessment of the companies listed on the Sci-Tech innovation board.