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论文编号：	11065
作者编号：	2320170779
上传时间：	2019/12/5 11:30:54
中文题目：	新三板互联网公司的估值方法研究
英文题目：	Research on Valuation Method of New Third Board Internet Company
指导老师：	张晓农
中文关键字：	公司估值；实物期权模型；新三板互联网企业
英文关键字：	valuation of enterprises; the real option model; the Internet companies of New Three Board market
中文摘要：	新三板市场作为我国中小企业的融资平台，从2015年开始，获得了良好的发展，其中的互联网企业更是在营业收入和发展水平上展现出其优势和快速的生长潜力。但从2018年开始，很多新三板互联网挂牌企业营收下降，净利润为负，无法获得融资，交易惨淡。究其原因，新三板互联网企业整体价值被低估，市场流动性低，现有估值方法不能较为准确的得到该类企业估值，使得大批投资者持观望态度，加上2019年7月份科创板的冲击，对新三板互联网企业造成了不小的挑战。 基于目前新三板互联网企业价值被低估，市场流动性差的现状，以及新三板互联网企业的特殊性，本文总结了新三板互联网企业的估值问题，以及导致估值问题的主要原因：现有估值模型不适用于新三板互联网企业的估值，需要合理准确的估值方法，来评估新三板互联网企业的价值，带动投资市场活跃性。 在分析了现有估值模型不适用性的基础上，本文提出使用实物期权模型对新三板互联网企业进行估值，并先是从理论上阐述了实物期权模型适用的原因，然后以钢银科技公司作为案例公司，使用B-S模型、二叉树模型、Schwartz-Moon模型对钢银科技进行估值，具体展示其估值应用过程。最后对三种实物期权模型进行对比分析，给出适用条件与应用建议。
英文摘要：	As a financing platform for small and medium-sized enterprises in China, the new three-board market has achieved good development since 2015, in which the Internet enterprises show their advantages and rapid growth potential at the level of business income and development. However, many new three-board Internet listed companies’ revenue has declined since 2018, their net profit is negative, they can’t obtain financing, and their transactions are dismal. The reason is that the existing valuation methods can’t get the valuation of such enterprises accurately, which leads to a large number of investors wait-and-see attitude. In addition, the impact of the Science and technology innovation board caused a lot of challenges in July 2019. Based on the situation that the value of new third board Internet enterprises is underestimated, the market liquidity is poor, and the particularity of new third board Internet enterprises, this paper summarizes the valuation problems of new third board Internet enterprises and the main reasons for the valuation problems: the existing valuation model is not suitable for the valuation of new third board Internet enterprises, and reasonable and accurate valuation methods are needed to evaluate the new third board Internet enterprises and to drive the activity of investment market. Based on the analysis of the inapplicability of the existing valuation model, this paper proposes to use the real option model to value the new three board Internet enterprises, and expounds the reasons for the application of the real option model in theory firstly, and then uses the B-S model, the binary tree model and the Schwartz moon model to value the steel silver technology company as the case company, to show its specific valuation application process. Finally, three real option models are compared and analyzed, and the applicable conditions and application suggestions are given.
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