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论文编号：	5326
作者编号：	2120102747
上传时间：	2013/6/6 15:22:35
中文题目：	创业板上市公司价值评估研究——以津膜科技为例
英文题目：	Study on the Evaluation of the listed companies on GEM - Illustrated by the case of Tianjin Motimo Membrante Technology Co., Ltd.
指导老师：	陆宇建
中文关键字：	创业板上市公司；价值评估；实物期权
英文关键字：	GEM companies; Value assessment; Real Options
中文摘要：	自我国创业板开启以来，截止2012年12月31日，已有355家企业在创业板成功上市，如何合理准确的对创业板上公司进行估值成为了证券投资人和风险投资机构所关心的重要议题。对创业板上市公司进行科学合理的价值评估，不仅能够提高我国价值评估的理论与应用水平，还能够为创业企业的融资与并购提供科学的理论依据。从而有利于我国证券市场树立正确的价值投资理念，也有利于促进创业板上市公司的健康快速发展。 本文以国内外经典企业价值评估理论为基础。从企业价值理论入手，详细介绍了几种经典的企业价值评估方法的理论基础与评估程序，即：成本法、市场法、收益折现法、经济增加值法以及实物期权法，总结出这几种传统方法各自的适用性。在此基础上本文探讨了创业板上市公司企业价值的主要来源以及评估要素，并指出：创业板上市公司由于其成长性较高、投资机会较多的特点，企业具有很高的期权价值。本文定性分析了，相比传统价值评估方法具有的局限性，在对创业板上市公司潜在价值进行评估时，实物期权模型在量化不确定性收益时具有更强的合理性与准确性。进而本文提出了一个创业板上市公司价值评估的思路与方法，将企业整体价值分为两部分，即现有价值与潜在价值，前者使用传统评估方法进行评估，后者使用实物期权方法进行评估，最后将两者进行加总得出企业整体价值。 最后，本文以天津膜天膜科技股份有限公司为例进行案例分析。通过创新的账面调整法来评估公司的现有价值，识别出了公司财务报表上无法显示的限售股流通权利价值。运用布莱克—斯科尔斯期权定价模型对公司的两个投资项目的期权价值进行了评估，计算出了公司的潜在价值。并对评估结果进行了敏感性分析，定量分析了模型适用性。最后，根据两部分计算结果，本文计算出了企业整体价值，并将评估结果与公司账面和市场价值进行了比较，认为公司当前股价较为合理。
英文摘要：	As of December 31, 2012, there are already 355 companies successfully listed on the GEM (Growth Enterprises Market) board in China, how to reasonably and accurately evaluate GEM companies has become a subject that attracted a large number of concerns of securities investment institutions and venture capital companies. Reasonably and accurately evaluate GEM companies can not only improve our value assessment theory and application level, but also provide a scientific theoretical basis to financing and acquisitions of start-ups. Furthermore, it can eventually promote China's securities market to establish a correct concept of value investing. In this paper, on the basis of foreign and domestic classic enterprise valuation theories, it introduce five classic enterprise valuation theories’ theoretical basis and assessment procedures，then it generalized the classic enterprise valuation theories’ practical applicability. This paper elaborates the main source and evaluating elements of enterprise value of GEM companies, and point out that because of the possibility of high growth and more investment opportunities, there are high option values in GEM companies. Through qualitative analysis, traditional assessment methods have theoretical flaws and practical limitations in the applications of GEM companies. Considering the rationality of quantifying risks and uncertainty incomes of real option approach, it has scientificalness to use real option approach to evaluate potential value of GEM companies. This paper points out that divided company’s entire value into two parts: present value and real option value, uses traditional methods evaluate present value and real option approach to evaluate option value, at last combine them together to obtain the entire value of the company. In the final part, this paper use Tianjin Motimo Membrante Technology Co., Ltd. for example, use a innovative book value adjust method to evaluate present value of company, identified the value of restricted shares’ distribution rights values that can not be displayed on the company's financial statements. And use Black - Scholes option pricing model to evaluate the real option value of company's two investment projects. Then it make a sensitivity analysis, prove the model’s applicability from a quantitative point of view. Finally, according to the calculation results of the two parts, combine them together to get the entire value of company. Compare the results of the assessment with the Company's book value and the market value, it argues that the company's current share price is reasonable.
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