【摘要】：在新時代引領(lǐng)下我國金融改革進(jìn)入發(fā)展新篇章,其中實(shí)體經(jīng)濟(jì)、科技創(chuàng)新成為今后金融體制改革的新重心。而新三板市場作為我國多層次資本市場的底座,不僅拓寬了對中小微企業(yè)的服務(wù)覆蓋面,優(yōu)化了融資結(jié)構(gòu),而且為高新技術(shù)企業(yè)注入新鮮血液,切實(shí)成為實(shí)體經(jīng)濟(jì)發(fā)展的助推器。然而新三板市場目前仍處于成長的初期階段,由于掛牌企業(yè)參差不齊,導(dǎo)致眾多目前發(fā)展不確定、盈利不突出的優(yōu)質(zhì)企業(yè)被埋沒。因此新三板企業(yè)價(jià)值的合理評估關(guān)系到整個市場的良好發(fā)展,本文正是對新三板企業(yè)的有效價(jià)值評估做出一定研究。本文以新三板企業(yè)的股權(quán)價(jià)值為研究對象,首先論述了選擇研究新三板企業(yè)股權(quán)價(jià)值的研究背景以及意義,梳理了國內(nèi)外學(xué)者有關(guān)企業(yè)估值的研究成果并介紹相關(guān)概念,奠定了本文研究的理論基礎(chǔ)。其次,對新三板企業(yè)股權(quán)價(jià)值評估現(xiàn)狀從多個方面進(jìn)行了探討,分別從外部和內(nèi)部兩個角度深入剖析了影響新三板企業(yè)股權(quán)價(jià)值的相關(guān)因素,指出了價(jià)值評估過程中的難點(diǎn),并結(jié)合新三板的特征對應(yīng)用傳統(tǒng)股權(quán)價(jià)值評估方法的約束性進(jìn)行了分析。為此,本文引入實(shí)物期權(quán)法對新三板企業(yè)進(jìn)行價(jià)值評估,從理論合理性和實(shí)踐合理性兩個角度闡述了實(shí)物期權(quán)法的適用性,通過識別和分析新三板企業(yè)的實(shí)物期權(quán)特征,最終確定了選用B-S定價(jià)模型進(jìn)行評估研究。然后選取了新三板軟件和信息技術(shù)服務(wù)業(yè)中的31家企業(yè)為研究樣本,并以海鑫科金(430021)為例,按照實(shí)物期權(quán)法的估值模型,識別了企業(yè)包含的多種期權(quán)并計(jì)算了五個基本參數(shù)的值,帶入B-S模型期權(quán)計(jì)算公式中得出期權(quán)價(jià)格,即股票內(nèi)在價(jià)值。隨后對其余30家樣本企業(yè)運(yùn)用同樣的方法進(jìn)行股權(quán)價(jià)值評估,將計(jì)算的股權(quán)價(jià)格進(jìn)行降序排序與實(shí)際市場價(jià)格排序?qū)Ρ?并分析了兩個價(jià)格的偏差率。研究結(jié)果表明,B-S定價(jià)模型簡潔的計(jì)算和準(zhǔn)確的估值結(jié)果,為新三板企業(yè)股權(quán)價(jià)值評估帶來有益借鑒。本文最后歸納了研究結(jié)論,并針對在研究股權(quán)價(jià)值過程中發(fā)現(xiàn)的問題對我國新三板健康有序發(fā)展提出了幾點(diǎn)建議,同時指出了本文研究的不足之處,并進(jìn)行了未來展望。
[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.
【學(xué)位授予單位】：山東農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2018
【分類號】：F832.51;F275

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