Enterprise Value Assessment On The Growth Enterprise Market

After more than five years of development of listed companies on the growth enterprise market, it draws more attention of the investors as there are more and more companies get listed on the growth enterprise market. Since the beginning of 2013, the growth enterprise index is increasing all the way. Facing the phenomena such as the high offering price, high price earning ratio, high fluctuation ratio and high capital-raising, we should choose a method more suitable for the enterprise value assessment on the second-board market, to determine whether enterprises on the growth enterprise market are overvalued or not. The meaning of enterprise value assessment can be mainly divided into three aspects. For the business management, the meaning is to improve the operation and management philosophy; for the investors, the meaning is to find more value investment by the change of the investment philosophy. For the enterprises, the meaning is that the high-grade enterprises have more resources by the optimized distribution of the market resources.This article conducts the value assessment of the enterprise mainly by the method combining qualitative analysis with the quantitative analysis. By the comprehensive analysis for the cases, it points out the new method suitable for the value assessment of the enterprises on the growth enterprise market. Firstly, it analyze and evaluate the enterprise value and value assessment in the theory aspect, making conclusion of the basic theory combing the enterprise features on the growth enterprise market. Secondly, it theoretically discusses the advantages and disadvantages of three typical methods for the enterprise assessment, which is comparative analysis income approach, cost method and market approach. Meanwhile, taking Yilianzhong as an example, it points out the relevant thinking and detailed methods for the value assessment, conducting a qualitative analysis in the aspect of enterprise condition, products, service market, core competition advantages and enterprise growth. On the basis of qualitative analysis, it conducts a quantitative analysis using discounted free cash flow approach, drawing the analysis of conclusion comprehensively. Finally, it concludes the problems that need to be notice according to the case analysis for the enterprise value assessment on the growth enterprise market. It also pointed out the assessment method with the combination of qualitative analysis and quantitative analysis, making suggestions regarding four aspects, which are the perfection of marketing environment, establishment of dynamic value assessment module and completion of qualitative analysis module.The research value of this article mainly is:it provides more reference methods for the enterprise value assessment; it makes up the disadvantages of the relevant enterprise value assessment in the past. There are still some deficiencies in this article.1. There is some fluctuation of the parameter selection on the discounted free cash flow module.2. There is some restrictions on the qualitative analysis of the enterprise on the growth enterprise market, which is influenced greatly by the subjective factors.