本文選題：新三板企業(yè) + 股權(quán)價值評估��； 參考：《杭州電子科技大學(xué)》2017年碩士論文

【摘要】：新三板市場的設(shè)立為廣大創(chuàng)新型、創(chuàng)業(yè)型、成長性的中小微企業(yè)提供了融資渠道,促進(jìn)了我國多層次資本市場的建設(shè)。隨著新三板市場制度的不斷完善,尤其是新三板2013年全國擴容以來,掛牌企業(yè)的數(shù)目不斷增加,規(guī)模不斷擴大。如何合理有效的評估新三板掛牌企業(yè)股權(quán)價值日益緊迫。本文首先指出研究意義,并回顧和總結(jié)國內(nèi)外相關(guān)研究。接著分析了我國新三板市場的發(fā)展現(xiàn)狀以及掛牌企業(yè)規(guī)模小、經(jīng)營時間短,股權(quán)交易非連續(xù),具有高成長性、高風(fēng)險性等企業(yè)特征,選擇實物期權(quán)理論評估新三板掛牌企業(yè)股權(quán)價值。在對目前新三板實物期權(quán)估值模型運用中參數(shù)難以估計的問題進(jìn)行分析后,根據(jù)PFM模型認(rèn)為非上市企業(yè)價值及其波動率的變動與上市企業(yè)的變動之間相關(guān)性較強的原理,利用同一行業(yè)創(chuàng)業(yè)板上市企業(yè)的數(shù)據(jù)得到企業(yè)價值及其波動率回歸模型。代入新三板目標(biāo)企業(yè)的財務(wù)指標(biāo),計算得到新三板企業(yè)價值及其波動率參數(shù)。在此基礎(chǔ)上利用實物期權(quán)定價模型評估新三板掛牌企業(yè)的股權(quán)價值。進(jìn)一步考慮到流動性缺乏折扣的影響,對評估結(jié)果進(jìn)行調(diào)整。根據(jù)逐步回歸的結(jié)果得到,資產(chǎn)賬面價值、EBITDA、無形資產(chǎn)所占比重等財務(wù)指標(biāo)能很好地反映企業(yè)價值。資產(chǎn)負(fù)債率、企業(yè)銷售收入等財務(wù)指標(biāo)對企業(yè)價值的波動率解釋力較強。通過對第一批進(jìn)入創(chuàng)新層的新三板樣本企業(yè)的股權(quán)價值進(jìn)行評估,并與實際股票交易價格對比分析,驗證了基于PFM原理的參數(shù)確定方法的有效性及實物期權(quán)定價方法的合理性。
[Abstract]:The establishment of the new third board market provides financing channels for the large number of innovative, entrepreneurial and growing small and medium-sized enterprises, and promotes the construction of the multi-level capital market in China. With the continuous improvement of the market system of the new three boards, especially since the national expansion of the new three boards in 2013, the number and scale of listed enterprises have been increasing. How to evaluate the equity value of the new three-board listed enterprises is becoming more and more urgent. This paper first points out the significance of the research, and reviews and summarizes the relevant research at home and abroad. Then it analyzes the current situation of the new third board market and the characteristics of the listed enterprises, such as small scale, short operating time, discontinuous equity trading, high growth, high risk, and so on. Select real option theory to evaluate the equity value of the new three-board listed enterprises. Based on the analysis of the problem that the parameters are difficult to estimate in the application of the new three-board real option valuation model, according to the principle of the PFM model, the author thinks that the change of the value and volatility of the non-listed companies is closely related to the changes of the listed companies. The regression model of enterprise value and volatility is obtained by using the data of listed enterprises in the same industry gem. The financial index of the target enterprise of the new three boards is replaced, and the value of the new third board and its volatility parameters are calculated. On this basis, the real option pricing model is used to evaluate the equity value of the new three-board listed companies. Further take into account the lack of liquidity discount effect, to adjust the evaluation results. According to the result of stepwise regression, the financial indexes, such as the book value of assets and the proportion of intangible assets, can well reflect the value of enterprises. Assets-liability ratio, sales income and other financial indicators explain the volatility of enterprise value. Through the evaluation of the equity value of the first batch of new three-board sample enterprises entering the innovation layer, and the comparison with the actual stock exchange price, the validity of the parameter determination method based on the PFM principle and the rationality of the real option pricing method are verified.
【學(xué)位授予單位】：杭州電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 杜強;“兩股并存”對國有股權(quán)價值的影響[J];國有資產(chǎn)研究;2000年05期

2 許文靜;淺議股權(quán)價值的計算[J];石油大學(xué)學(xué)報(社會科學(xué)版);2001年05期

3 陳楠;應(yīng)重視企業(yè)改制中的股權(quán)價值管理[J];價值工程;2003年S1期

4 劉德林,孫航,方兆本;股權(quán)融資條件下的非線性股權(quán)價值模型[J];系統(tǒng)工程理論方法應(yīng)用;2003年03期

5 孫霞;;淺談股權(quán)價值評估的影響因素[J];當(dāng)代經(jīng)濟(jì);2014年07期

6 褚菊芬;王黎明;;風(fēng)險投資的退出時機與企業(yè)股權(quán)價值的評估[J];價格月刊;2009年01期

7 倪得兵,唐小我,朱其鰲;計劃經(jīng)濟(jì)增長率對企業(yè)股權(quán)價值的影響[J];四川輕化工學(xué)院學(xué)報;1999年04期

8 宋向前;;PE賣“菜”[J];投資與合作;2011年Z1期

9 蔡大貴;;大股東股權(quán)價值變數(shù)陡生[J];首席財務(wù)官;2006年12期

10 張屹山;董直慶;王林輝;;股權(quán)價值決定:一種基于經(jīng)濟(jì)權(quán)力的證券資產(chǎn)定價模型[J];財貿(mào)經(jīng)濟(jì);2007年09期

相關(guān)會議論文 前2條

1 陳德泉;周曉靜;楊苗健;何玫;;股權(quán)價值的非線性優(yōu)化模型[A];發(fā)展的信息技術(shù)對管理的挑戰(zhàn)——99’管理科學(xué)學(xué)術(shù)會議專輯（下）[C];1999年

2 鄭振龍;林海;;中國可轉(zhuǎn)債發(fā)行的股權(quán)價值效應(yīng)[A];公司財務(wù)研討會論文集[C];2004年

相關(guān)重要報紙文章 前10條

1 廣發(fā)證券發(fā)展研究中心 張力;全流通帶來股權(quán)價值重估[N];中國證券報;2006年

2 ;控股權(quán)價值與大股東行為研究[N];中國證券報;2001年

3 石仁坪;昔日“包袱”今變“錦衣” 券商股權(quán)價值能否抗周期？[N];第一財經(jīng)日報;2007年

4 張煒 黃庭鈞;銀行控股權(quán)價值幾何[N];經(jīng)理日報;2006年

5 本報記者 于o，

本文編號：1958624