创业板上市公司价值评估问题分析报告.docVIP

内容摘要 本文首先介绍了我国创业板的发展情况和特点，然后总结了国内外关于公司价值评估的各种理论及其发展演变情况。接下来分析了各个方法对于创业板公司估值的不足之处，进而引出符合我国创业板价值评估的实物期权理论。文章先介绍了实物期权估值法的基本原理和分类，并结合天津长荣股份有限公司的案例，进一步探讨了实物期权理论的适用性。天津长荣印刷设备股份有限公司是一家高新技术企业，于2010年正式在创业板上市，对研究创业板公司的估值情况有一定的代表性。本文通过对该公司历史财务情况的分析并用实物期权法对该公司进行估值，得出实物期权法适于应用在评估创业板公司的结论。 本文通过对创业板上市公司价值评估问题的研究，将创业板的风险性和不确定性考虑进企业的估值中，从理论上丰富了对公司估值问题的研究，具有很大的理论与现实意义。 关键词：创业板；上市公司价值评估；实物期权法 Abstract This paper first introduces the development situation and characteristics of the Second-board market in our country, and then summarizes the theories about the company valuation at domestic and abroad and its development situation. Then analyzed the various methods for the deficiency of the Second-board market company valuation, in which conforms to our country the Second-board market valuation theory of real options. The article first introduces the basic principle and classification of real options valuation method, and connecting with the Masterwork USA Inc, further discusses the applicability of the real option theory. Masterwork USA Inc is a high-tech enterprise, and in 2010 officially listed on the Second-board market, which research the Second-board market company valuations have certain representativeness. This article through the analysis of the history of a companys financial situation and use the real options method to estimate the company.The concluded is that real option method is suitable for application in evaluating the Second-board market companies. This article through to research of the Second-board market company valuation, take in the risks and uncertainties to considered into enterprise valuation, which enriched the valuation issue of research on the company.That has great theoretical and practical significance.? Key words: gem,?listing Corporation?value evaluation,?real options method目 录 一、导论 1 （一）研究创业板上市公司价值评估问题的研究背景、目的和意义 1 （二）文献综述 2 （三）研究内容和结构安排 4 （四）研究方法和创新之处 4 二、实物期权法估值理论 5 （一）实物期权法的原理 5 （二）实物期权法的分类 6 （三）实物期权法在评估创业板市场的适用性 7 三、天津长荣印刷设备股份有限公司估值问题研究 8 （一