The Research On Investment Value Evaluation Of The Company Listed In The Growth Enterprise Market

The success of listing in the growth enterprise market in our country provides financing channels for small and medium-sized listed companys.It also provides a new platform for chinese investors.However,the growth enterprise market in our country set up relatively late,the scale of the market is limited and its development is not mature enough.Then stock price of the company in the market may not be exactly equal to the intrinsic value.Sometimes it is even not agree with the value of the company seriously.At present,the domestic research on the investment value of listed companys in the growth enterprise market is less.The reason why stock price of the company listed in the growth enterprise market grows is not the improvement of company’s performance.The market shows a strong speculative atmosphere.This situation may improve the investment risk on the growth enterprise market and hard to ensure the stable development in the market.So set up the idea of investment value and use the method of investment value evaluation in a correct way to help small and medium-sized investors obtain stable income,avoid unnecessary risk and ensure the stable and healthy development of securities market.In this paper, guided by the idea of investment value,we think the basis of company’s investment value is the intrinsic value of company.We can see whether the company has investment value to some extent after comparison between the company’s value and its market price. This paper expounds the theory about value evaluation and the method about evaluating the value of listed companys.Based on the characteristics and the particularity of evaluating investment value of the company listed in the growth enterprise market,this paper use discounted cash flow method and price-earnings ratio method to evaluate the company’s value by using HM as an example.HM company’s intrinsic value is Y26.06through discounted cash flow method and range from Y26.4to Y30.8through price-earnings ratio method.While according to Shenzhen stock exchange website,its market price is￥20.79.So its intrinsic value is higher than market price. Again from the point of macroscopic factors,in the next few years,China’s economy will develop into a medium speed mode influenced by the debt crisis of the word economy.The growth rate of China’s GDP maintained at about7%.From the perspective of industry factors,the mining industry in the growth enterprise market is in growth period and have broad prospects for development. So this paper suggest buying,but investors should also focus on the trend of development macro industry for a long time. At last,by analyzing why assessment result differ from market price,this paper summarize some advice on the method of evaluating value in the growth enterprise market,how to invest reasonable and how to improve the company’s value.