Empirical Analysis Of Factors Affecting SME Board Listed Enterprises’ Valuation

SMEs play an important role in China’s economic development, as well provides a lot of jobs.How to ensure rapid and healthy development of SMEs is an important guarantee of future economicbeing well to "new normal" state of development. With the development of SMEs in the number andscale, in future transfer transactions of SMEs becoming increasingly frequent, fair and reasonableassessment of the value of SMEs, plays an important role in the transfer transaction. Therefore,studying factors affecting valuation of SMEs, and examining what factors play important role inassessing the SMEs’value, these can provide a reference for the assessment and recommendations inassessing the value of SMEs, making valuing SMEs be quicker, more reasonable and more accurate.Firstly, the status of the development of SMEs and SME board were analyzed, and then introducethe relevant theories and assumptions about SMEs valuation’s affecting factors. After making theappropriate introduction about panel data model which this article using, we make empiricalresearching. By Shenzhen SME Board429listed companies from2010to2013financial data for thesample, using firm size, capital structure, and other long-term debt to capitalization ratio etc. as10explanatory variables, with the enterprise value of the dependent variable, build enterprise valuationfactors panel data model. By overall national, sub-sectors and sub-regional three angles, conduct thevalue of SME Board listed companies in a comprehensive analysis and estimates.Obtained by empirical research results, for the overall national sample of SME Board listedenterprises’valuation, the greatest impact is ownership concentration. From the industry perspective,to mechanical equipment and metal and nonmetal, the biggest impact of the corporate valuation isprofitability, to chemical products, is enterprise scale, to IT equipment, and is ownershipconcentration. From a regional perspective, to Guangdong, Zhejiang and Shandong, the greatestimpact of the corporate valuation is profitability, to Jiangsu, and is enterprise scale. Finally, with thefindings from the perspective, from the respect of industry and region, we give relevantrecommendations to the evaluators in the important factors during assessing the value of SMEs...