| With the development of the global financial industry, the country in October,2009launched the GEM market at the Shenzhen Stock Exchange, which makes China’s securities market become a multi-level capital market with the main board, small and medium-sized board and GEM. Gem’s launch is not only a beneficial solution to the funding needs of growth-oriented corporations, but also beneficial to social surplus money and to achieve the optimal allocation of resources. Since the launch of the GEM is just within five years, and the development is still very immature, its IPO pricing mechanism and the way is not perfect. Compared with the mature motherboard market, the IPO underprice, issuing new shares and break phenomenon is still very serious. So the study of gem IPO pricing, which is beneficial to improve the scientific nature of the IPO pricing, improve the efficiency of distribution, the perfect structure of the gem, the financing efficiency and standardize the operating environment of our capital market. It is of great theoretical and realistic significance.GEM IPO refers to a high-tech enterprise development prospects of high-tech enterprises in the GEM IPO market behavior and traded. Since the time of being list is short and innovative high-tech enterprise main business makes it hard to find the same stage of development and industry listed companies as a comparable object, and the gem of high-tech enterprise business history is shorter, the financial system is not perfect, so it’s difficult to find the necessary financial indicators. Based on the reasons above, many traditional IPO valuation methods can not be used for the gem high-tech enterprises. This article is put forward using the real option to carry on the reasonable valuation, based on the dynamic and uncertainty of the GEM IPO valuation.The article is divided into six parts.In introduction,we have a literature review of IPO valuation and real option,and make a commentary.So as to know the research achievements about them. Then we define some related concepts, analyze its resource and formation of value in GEM’s high-tech corporations.And make a brief introduction of IPO valuation,Dynamic,Uncertain,Comprehensive,Strategic.In part3,we introduce the traditional method of IPO valuation-the comparative method,and state that it is appropriate for high-tech corporations in GEM,and then we lead to the necessity and feasibility of using real option in GEM’s high-tech corporations.When analyzing the necessity, we make a brief statement the definition and species of real option,and lead to real option contained in IPO valuation of high-tech corporations in GEM.Because of these,in addition to the limitations of using the traditional method,make it possible to use real option.When analyze feasibility,we mainly discuss the advantages of using real option.Part4is the core of this thesis, so it’s important and difficult.We use Schwartz-Moon model for reference, because this model is based on the Internet companies, it is not identical to high-tech corporations in GEM. We make some modification, such as cost element, and we consider the effect of bonus on the stock price. Because the modified model has so many variables, so complex, it is impossible to solve it by men. We need software, so we introduce the Oracle Crystal Ball and its usage. After building a model, we usually apply it to practical purpose to evaluate its rationality. In part5, we take LangKe tech as an example, and we find out it is not bad. Because it is not bad, we can apply it in reality. In part6, we discuss prospects of real option. |
