新三板企业股权价值及其影响因素研究.pdf

西安理工大学金融硕士学位论文 introduces the related concepts such as valuation, and establishes the theoretical basis of this study.Secondly,it analyzesthe applicability of each equity value evaluation method,introduces the current situation of the new third board market, industry and regional distribution characteristics, and then analyzes the influencing factors of enterprise equity value from both internal and external perspectives, which lays the foundation for the empirical analysis of the followingpaper. Through the abovetheoretical analysis,thispaper finally choosesthereal option methodto evaluate the equity value of the new third board enterprises. Comparing the two classical models under the real option method, we choose the B-S model which is more suitable for the evaluation of equity value ofthenew thirdboard enterprises.Taking 274 enterprises in thenew third board market as samples, according to the valuation model of real option method, the paper identifies the option characteristics of enterprises and calculates five model parameters, which are substituted intothe calculation formula to get theresults,that is,thetheoretical value of equity of new third board enterprises.By comparing the theoretical price of each share with the market performance, the deviation rate of the evaluation results of the real option model is analyzed.Then,combinedwith theabovetheoretical analysis,it makesareasonableassumption on the internal factors that affect the equity value of the enterprise, and tests the rationality of the assumption through multiple linear regression, and makes an explanatory analysis on the regression results. The results show that the B-S pricing model can effectively evaluate the equity value ofthe new thirdboard enterprises,which isworthy of further study and reference. Further regression analysis indicates that the size, profitability, solvency, cash capacity and asset structure of the new third boar