Corporate Valuation Of New Three Board

New three board also called National Equities Exchange and Quotations,on January 16,2013, "National Equities Exchange and Quotations" was founded in Beijing financial street,in order to attract a large number of high-growth small and medium-sized enterprises to the new three board,gradually to become a multi-level capital market,elevate the status of three board market.So there is a real service platform like NASDAQ which is real blong to china.Until December 31, 2015,there is a total number of 5129 listed companies, the total share capital have reached 295.951 billion. With the deepening development of the New three board,market also have been put forward more higher requirements,such as how to give a price and fix it, how to increase the liquidity for the New three board,these questions are all important and can not be ignored.So at August 25,2014,market-maker system was formally implemented in New three board.Under this big background,we first analyse the system of market-maker in theory,through comparing with the system of contract transfer to illustrate the value of the market-making system whose core market function is price discovery to New three board..Due to the important role of market markers.the valuation to the enterprise include it’s subsequent development in the capital market will have a great effect. In view of the limitations of traditional valuation method, this paper puts forward the analysis from the perspective of real options to value enterprise. So we will combine the theory analysis with the case which is called jiadazaojiao who is the first one to use the markermaker. We will use the model of Black-Scholes to price it’s value of equity.At last,we will put forward some suggestions and countermeasures for the market maker system.