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

【摘要】：創(chuàng)業(yè)板市場(chǎng)是專(zhuān)門(mén)為具有增長(zhǎng)潛力的中小企業(yè)服務(wù)的融資市場(chǎng)，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(chǎng)結(jié)構(gòu)，使投資者有了更多的選擇和機(jī)會(huì)。但是一些處于發(fā)展初期階段的高科技公司，因?yàn)槠湟?guī)模小、經(jīng)營(yíng)期短、業(yè)務(wù)新等原因，盈利的記錄通常很短，未來(lái)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(duì)和相對(duì)估值法都無(wú)法準(zhǔn)確的反映出公司的價(jià)值。股票定價(jià)一直是國(guó)內(nèi)外學(xué)者研究的熱點(diǎn)問(wèn)題。本文分析和研究了現(xiàn)存的創(chuàng)業(yè)板定價(jià)理論的優(yōu)勢(shì)和不足，結(jié)合我國(guó)的實(shí)際情況，構(gòu)建了創(chuàng)業(yè)板的股票定價(jià)模型。模型構(gòu)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(guó)創(chuàng)業(yè)板市場(chǎng)發(fā)展的特殊性所致，很難找到增長(zhǎng)率完全一致的同類(lèi)企業(yè)作為參考標(biāo)準(zhǔn)，因此，需要排除增長(zhǎng)率對(duì)市盈率模型的影響，然后將市盈率和增長(zhǎng)率做比值，得出每一個(gè)百分點(diǎn)的增長(zhǎng)率在現(xiàn)有條件下對(duì)應(yīng)一個(gè)的市盈率，現(xiàn)有條件是指綜合測(cè)評(píng)影響企業(yè)股票價(jià)值的各個(gè)因素，以期反映企業(yè)的整體狀況，從而設(shè)計(jì)出修正市盈率估值模型。 總體上，本研究闡述了定價(jià)模型設(shè)計(jì)所依據(jù)的基本理論，即價(jià)值理論和供求理論，，在此基礎(chǔ)上，對(duì)模型進(jìn)行構(gòu)建、描述，設(shè)計(jì)出引入企業(yè)價(jià)值評(píng)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(chǎng)股票現(xiàn)有的財(cái)務(wù)數(shù)據(jù)，檢驗(yàn)該模型的估值效果，并進(jìn)行分析評(píng)價(jià)。
[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(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F224

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