發(fā)布時間：2018-04-04 00:30

  本文選題：創(chuàng)業(yè)板　切入點：IPO　出處：《哈爾濱工業(yè)大學》2012年碩士論文

【摘要】：創(chuàng)業(yè)板市場是專門為具有增長潛力的中小企業(yè)服務的融資市場，它的出現(xiàn)方便了中小企業(yè)的融資，為其發(fā)展提供了資金保障，也完善了多層次的資本市場結構，使投資者有了更多的選擇和機會。但是一些處于發(fā)展初期階段的高科技公司，因為其規(guī)模小、經(jīng)營期短、業(yè)務新等原因，盈利的記錄通常很短，未來盈利性十分不確定，也很難找到其符合條件的可比公司，傳統(tǒng)的絕對和相對估值法都無法準確的反映出公司的價值。股票定價一直是國內外學者研究的熱點問題。本文分析和研究了現(xiàn)存的創(chuàng)業(yè)板定價理論的優(yōu)勢和不足，結合我國的實際情況，構建了創(chuàng)業(yè)板的股票定價模型。模型構建的基本思路是：首先考慮到現(xiàn)有市盈率模型不適用的原因是由于我國創(chuàng)業(yè)板市場發(fā)展的特殊性所致，很難找到增長率完全一致的同類企業(yè)作為參考標準，因此，需要排除增長率對市盈率模型的影響，然后將市盈率和增長率做比值，得出每一個百分點的增長率在現(xiàn)有條件下對應一個的市盈率，現(xiàn)有條件是指綜合測評影響企業(yè)股票價值的各個因素，以期反映企業(yè)的整體狀況，從而設計出修正市盈率估值模型。 總體上，本研究闡述了定價模型設計所依據(jù)的基本理論，即價值理論和供求理論，，在此基礎上，對模型進行構建、描述，設計出引入企業(yè)價值評估體系后的修正市盈率模型。而后再根據(jù)創(chuàng)業(yè)板市場股票現(xiàn)有的財務數(shù)據(jù)，檢驗該模型的估值效果，并進行分析評價。
[Abstract]:The gem is special for the potential growth of small and medium-sized enterprises financing services market, it appears to facilitate the financing of small and medium-sized enterprises, to provide funding for its development, but also improve the multi-level capital market, so that investors have more choices and opportunities. But in the early stages of development of high-tech companies and because of its small size, short operation period, new business and other reasons, earnings records are usually short, future profitability is uncertain, it is difficult to find the qualified comparable companies, the traditional absolute and relative valuation method can accurately reflect the value of the company. The stock price has been a hot issue in China Foreign scholars study the gem pricing theory. The advantages and disadvantages of this paper, combining the actual situation of our country, construct stock pricing model of the GEM model base. The idea is: because the first consideration of the existing earnings model is not suitable for the development of our country is due to the particularity of the GEM market. It is difficult to find exactly the same growth rate of similar enterprises as the reference standard, therefore, need to exclude growth rate of price earnings ratio model, and then the price earnings ratio and growth rate. That, every one percent increase in the existing conditions corresponding to a price earnings ratio, the existing condition refers to the various factors affecting the comprehensive evaluation value of the stock enterprises, in order to reflect the overall situation of the enterprise, to design a modified earnings valuation model.
Overall, this study describes the basic theory of design pricing model, namely the value theory and the theory of supply and demand, on the basis of model building, design description, modified earnings into enterprise's value assessment system after the rate model. And then according to the existing financial data of the gem stock market, the model test the valuation effect, and analysis and evaluation.

【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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