基于实物期权法的新三板企业股权价值评估研究
发布时间：2019-04-02 06:27
【摘要】：在新时代引领下我国金融改革进入发展新篇章,其中实体经济、科技创新成为今后金融体制改革的新重心。而新三板市场作为我国多层次资本市场的底座,不仅拓宽了对中小微企业的服务覆盖面,优化了融资结构,而且为高新技术企业注入新鲜血液,切实成为实体经济发展的助推器。然而新三板市场目前仍处于成长的初期阶段,由于挂牌企业参差不齐,导致众多目前发展不确定、盈利不突出的优质企业被埋没。因此新三板企业价值的合理评估关系到整个市场的良好发展,本文正是对新三板企业的有效价值评估做出一定研究。本文以新三板企业的股权价值为研究对象,首先论述了选择研究新三板企业股权价值的研究背景以及意义,梳理了国内外学者有关企业估值的研究成果并介绍相关概念,奠定了本文研究的理论基础。其次,对新三板企业股权价值评估现状从多个方面进行了探讨,分别从外部和内部两个角度深入剖析了影响新三板企业股权价值的相关因素,指出了价值评估过程中的难点,并结合新三板的特征对应用传统股权价值评估方法的约束性进行了分析。为此,本文引入实物期权法对新三板企业进行价值评估,从理论合理性和实践合理性两个角度阐述了实物期权法的适用性,通过识别和分析新三板企业的实物期权特征,最终确定了选用B-S定价模型进行评估研究。然后选取了新三板软件和信息技术服务业中的31家企业为研究样本,并以海鑫科金(430021)为例,按照实物期权法的估值模型,识别了企业包含的多种期权并计算了五个基本参数的值,带入B-S模型期权计算公式中得出期权价格,即股票内在价值。随后对其余30家样本企业运用同样的方法进行股权价值评估,将计算的股权价格进行降序排序与实际市场价格排序对比,并分析了两个价格的偏差率。研究结果表明,B-S定价模型简洁的计算和准确的估值结果,为新三板企业股权价值评估带来有益借鉴。本文最后归纳了研究结论,并针对在研究股权价值过程中发现的问题对我国新三板健康有序发展提出了几点建议,同时指出了本文研究的不足之处,并进行了未来展望。
[Abstract]:Under the guidance of the new era, China's financial reform has entered a new chapter of development, in which the real economy and scientific and technological innovation have become the new focus of financial system reform in the future. As the base of China's multi-level capital market, the new three-board market not only broadens the service coverage for small and medium-sized micro-enterprises, optimizes the financing structure, but also infuses new blood into high-tech enterprises. It will become a booster for the development of the real economy. However, the new third board market is still in the initial stage of growth, due to the uneven listing of enterprises, resulting in a number of current development uncertainty, profit is not prominent high-quality enterprises buried. Therefore, the reasonable evaluation of the value of the new third board enterprise is related to the good development of the whole market. This paper is just to make a certain research on the effective value evaluation of the new third board enterprise. This article takes the equity value of the new third board enterprise as the research object, firstly discusses the research background and significance of choosing to study the equity value of the new third board enterprise, combs the domestic and foreign scholars' research results about the enterprise valuation and introduces the related concepts. It lays a theoretical foundation for the research of this paper. Secondly, this paper probes into the current situation of the evaluation of the equity value of the new third board enterprise from many aspects, analyzes the relevant factors affecting the equity value of the new third board enterprise from the external and internal perspectives, and points out the difficulties in the process of the value evaluation. Combined with the characteristics of the new three-board, this paper analyzes the constraint of applying the traditional evaluation method of equity value. Therefore, this paper introduces the real option method to evaluate the value of the new third board enterprise, expounds the applicability of the real option method from the aspects of theoretical rationality and practical rationality, and analyzes the characteristics of the real option of the new third board enterprise by identifying and analyzing the characteristics of the real option of the new third board enterprise. Finally, the B S pricing model is selected to carry on the evaluation research. Then, 31 enterprises in the new third board software and information technology service industry are selected as the research samples, and taking Haixin Kejin (430021) as an example, according to the valuation model of the real option method, Several options included in the enterprise are identified and the values of the five basic parameters are calculated. The option price, that is, the intrinsic value of the stock, is derived from the formula of the BES model option calculation. Then we use the same method to evaluate the equity value of the other 30 sample enterprises, compare the stock price descending order with the actual market price order, and analyze the deviation ratio of the two prices. The results show that the concise calculation and accurate valuation results of BES pricing model can be used for reference in the evaluation of the equity value of the new third board enterprises. Finally, this paper summarizes the conclusion of the study, and puts forward some suggestions for the healthy and orderly development of the new third board in China, aiming at the problems found in the process of studying the value of equity. At the same time, it also points out the shortcomings of the research in this paper, and puts forward the prospect of the future.
【学位授予单位】：山东农业大学
【学位级别】：硕士
【学位授予年份】：2018
【分类号】：F832.51;F275
本文编号：2452334
[Abstract]:Under the guidance of the new era, China's financial reform has entered a new chapter of development, in which the real economy and scientific and technological innovation have become the new focus of financial system reform in the future. As the base of China's multi-level capital market, the new three-board market not only broadens the service coverage for small and medium-sized micro-enterprises, optimizes the financing structure, but also infuses new blood into high-tech enterprises. It will become a booster for the development of the real economy. However, the new third board market is still in the initial stage of growth, due to the uneven listing of enterprises, resulting in a number of current development uncertainty, profit is not prominent high-quality enterprises buried. Therefore, the reasonable evaluation of the value of the new third board enterprise is related to the good development of the whole market. This paper is just to make a certain research on the effective value evaluation of the new third board enterprise. This article takes the equity value of the new third board enterprise as the research object, firstly discusses the research background and significance of choosing to study the equity value of the new third board enterprise, combs the domestic and foreign scholars' research results about the enterprise valuation and introduces the related concepts. It lays a theoretical foundation for the research of this paper. Secondly, this paper probes into the current situation of the evaluation of the equity value of the new third board enterprise from many aspects, analyzes the relevant factors affecting the equity value of the new third board enterprise from the external and internal perspectives, and points out the difficulties in the process of the value evaluation. Combined with the characteristics of the new three-board, this paper analyzes the constraint of applying the traditional evaluation method of equity value. Therefore, this paper introduces the real option method to evaluate the value of the new third board enterprise, expounds the applicability of the real option method from the aspects of theoretical rationality and practical rationality, and analyzes the characteristics of the real option of the new third board enterprise by identifying and analyzing the characteristics of the real option of the new third board enterprise. Finally, the B S pricing model is selected to carry on the evaluation research. Then, 31 enterprises in the new third board software and information technology service industry are selected as the research samples, and taking Haixin Kejin (430021) as an example, according to the valuation model of the real option method, Several options included in the enterprise are identified and the values of the five basic parameters are calculated. The option price, that is, the intrinsic value of the stock, is derived from the formula of the BES model option calculation. Then we use the same method to evaluate the equity value of the other 30 sample enterprises, compare the stock price descending order with the actual market price order, and analyze the deviation ratio of the two prices. The results show that the concise calculation and accurate valuation results of BES pricing model can be used for reference in the evaluation of the equity value of the new third board enterprises. Finally, this paper summarizes the conclusion of the study, and puts forward some suggestions for the healthy and orderly development of the new third board in China, aiming at the problems found in the process of studying the value of equity. At the same time, it also points out the shortcomings of the research in this paper, and puts forward the prospect of the future.
【学位授予单位】：山东农业大学
【学位级别】：硕士
【学位授予年份】：2018
【分类号】：F832.51;F275
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