创业板上市公司价值评估问题分析.docxVIP

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?.