The Effective Compare Of The Two Valuation Methods Of New Three Board Software And Information Technology Service Company

New three board, as the most important component of multi-level capital market in China, have got the rapid development with the support of national policy, which provides listing financing services for the strong innovation ability and well growing small and medium-sized enterprises.The rapid development of the new three board favored by many small and medium-sized enterprises and investors. But the imperfect of the new three board listing corporate governance, the poor enterprise's transparency of information, the immature market trading mechanism, together with the lack of rational knowledge of the enterprise's intrinsic value of the market participants, lead to the investors had to facing the situation of huge investment risk, poor stock liquidity of the small and medium-sized enterprises and low efficiency of marketing financing. So the study of the intrinsic value of the new three board company is particularly important. Both the software and information technology services which is the national strategic leasing industry are closely related to our country's development of information. This industry list the second place in the new three board listing amount. So the study of the intrinsic value of the new three board software and information technology services is of great significance.This thesis mainly studies the valuation effectiveness of the new three board software and information technology services between the two methods——PEG method and the real option method. The first part of thesis elaborates the topic back ground, literature review and the innovation point. The second part of the thesis states the development of the new three board market and analyzes the characteristics of the new three board. The third part of the thesis first makes a definition and analyzes the enterprise features of the new three board software and information technology services enterprises. Then, combined with the features of the new three board market, software and information services listing enterprises, analyzes the applicability of the PEG method and the real option method. And we think that both the two methods are applicable to the target industry's valuation research. The forth part of the thesis choose all the new three board software and information technology services enterprises in 2012 as samples. Then we respectively make the empirical research of the sample enterprises on the basis of establishing of the valuation model by using the PEG method and real option method. We find the intrinsic value of an enterprise by using the above two methods. The fifth part of thesis first calculate the deviation rate of the two methods'valuation result on the basis of the whole year's average stock trading prices in 2014 and the analyzes the differences between valuations. By analyzing, we find that the real option method shows the better stability, stronger effectiveness of the target industry. We also explain the valuation differences of the two models from the four levels:the macroeconomic background, industry, enterprise and the model itself. The sixth part of the thesis gives advice to the valuation study of the target industry. We think that, though the real option method is more effective than PEG method and have larger deviation, we should combine various theories to have a value valuation in the application of valuation.