Research On The Valuation Of "SRDI" Enterprises Based On Schwartz-Moon Model

"SRDI" refers to SMEs with "specialisation","refinement"," distinctiveness" and "innovation".In recent years,Chinese government has introduced a series of policies to encourage and support the development of SMEs into "SRDI",and a large number of outstanding SMEs have been growing in niche industries."SRDI" SMEs play an important role in enhancing the competitiveness and stability of the industrial chain and establishing a strong manufacturing nation.In the meanwhile,the multi-level capital market provides a major opportunity for their development.The valuation of "SRDI" SMEs can help investors to make a reasonable choice,thus reducing the financial pressure on SMEs and achieving an optimal allocation of resources.Therefore,this thesis focuses on the valuation methods that are suitable for "SRDI" SMEs."SRDI" enterprises focus on specialised production,research and development innovation.They pursue excellence,forming differentiated competitive advantages.They focus on niche areas and work closely with large enterprises in the industry chain.Due to the unique characteristics of "SRDI" companies,traditional valuation methods have limitations.This paper uses the Schwartz-Moon model,one of the option pricing models,as the framework for analysis.In this paper,the "SRDI" enterprise value driving factors are identified through the grey correlation analysis,and matched with the value driving factors contained in Schwartz-Moon model,demonstrate the suitability of Schwartz-Moon model for evaluating "SRDI" enterprise value.At the same time,the parameters of the model are modified according to the driving factors which can not be reflected in the model,combining the model’s own shortcomings,then a more suitable model for "SRDI" enterprise value assessment is constructed.Finally,this paper selects the a "SRDI" enterprise evaluation case,using the improved Schwartz-Moon model to estimate it.The evaluation result is compared with the original evaluation value,and the rationality of the evaluation is analyzed."SRDI" SMEs have already established a certain scale and are accelerating their development.With the expansion of the Science and Technology Venture Exchange and the North China Stock Exchange,"SRDI" SMEs will be the focus of our attention in the capital market.On this basis,a new valuation method suitable for "SRDI" SMEs is proposed in this thesis,which is of great significance to the theory and methodology of valuing "SRDI" SMEs,as well as providing a reasonable choice for investors.It also provides a reasonable choice for investors.