Corporate Valuation Analysis Of Chinese NEEQ Based On Real Option Method

The important goal of Chinese Financial Market’ s development is to construct a new multi-level capital market system, thus NEEQ concept stock has been produced in this financial environment. As the basis of multi-level capital market, the healthy development of the NEEQ concept stock seriously affecting the restructuring of Chinese Capital Market and the financing problems of many SMEs.But now the NEEQ concept stock market is still in its early stages of development, a large number of listed companies mixed in the market, some high-quality companies are buried because of the large uncertainty, the current profitability is not prominent and other factors. This paper will do some specific research on how to effectively estimate the stocks’ value of NEEQ concept.This paper firstly describes the research background and main contents, then determine the research objectives and analyze the limitations of traditional business valuation theory based on the current valuation problems of the NEEQ concept stock market. Try to using the real option pricing theory to estimate the valuation of NEEQ concept stock, finally explore its advantages and disadvantages.In the second part, organizing the research of valuation theories domestic and foreign,classifying the traditional valuation theory, separately introducing the typical methods and then doing applicability analysis, finding the limitations of traditional business valuation theory in the practice of NEEQ concept stock market. Therefore, this paper introduces the concept of real option pricing theory and simply outlined its theoretical sources and mainstream models. Using the Black-Scholes Model to do the specific suitability analysis, building the fundamental of empirical analysis in this paper.In the third part, this paper selected” Sinosoft Enterprise”(listed in the NEEQ concept stock market)as the object of case analysis, collecting the transactions in 2014 and the financial indicators in Annual Report of 2014, making the use of Black-Scholes model to estimate the theoretical valuation of stock. The results of the valuation effectiveness is satisfied, but appeared theories undervalued situation. The empirical studies’ result have shown that, the Black-Scholes Model assumptions is strict but simply, easy to calculate and the valuation results are more accurate. This model can be used as an effective method of the NEEQ concept stock market valuation.Finally, in the concluded part, this paper summarizes the conclusions and deficiencies of the research and make some policy recommendations for the development of current NEEQ concept stock market.