The Application Research Of Real Options In The Valuation Of GEM Enterprises

With the development of national economy and constantly improve the level of China's capital market,the rapid development of the securities market as an important part of the capital market.It occupy an important position in the economic development.We have formed a multi-level securities market system,including the motherboard market,small board,the GEM market and the OTC market Throughout the stock market in recent years,ups and downs,the market has experienced a sharp drop in the stock market,but this does not affect the investment enthusiasm of investors.In 2015-2016,the mad bull market attracted many new investors to join in,forming a full stock boom.Behind the heat of the stock investment,it also reflected some problem,such as high performance of enterprises,the valuation deviates from the actual,investors' blind investment and other issues.Enterprise value assessment can be a good measure of the overall value of the company,based on the actual need,we estimates the investment value of the company and choose GEM as the research object.through this object,we hope to find a reasonable way to reflect the accurate assessment of the value of GEM companies,and promote the healthy development of the stock market.The main content of this article includes six parts.The first part is the introduction,mainly introduces the research background and the introduction of this article describes research methodologies and thesis frame.The second part introduces the enterprise value evaluation theory research,and the development and application of real option theory.The third part is the theoretical foundation of the thesis.In this part,we clarifies two problems.First,it illustrates three traditional assessment methods and analysis of its limitations.Then we introduce the real option theory and explain three kinds of model.compared with traditional methods,real option has the superiority in evaluating company value which has uncertainty characteristics.In fourth part we describe the development status of the GEM,analyze the characteristics of the GEM.We explain the value form of the listed company in GEM,and analysis two aspects to elaborate the factors influencing the value of gem enterprises.In fifth part,we use a case to prove our point.The sixth part summarizes the full text,and looks forward to the future.Because of those factors,the traditional methods have deficiencies in the assessment of the value of GEM companies.we need to search more appropriate methods to evaluate the value.The real option method is more suitable for evaluating the value of the gem,because it has the relative superiority in the evaluation of the uncertainty value.Under the guidance of the theory,we analyze the development status and industry features of GEM.Then we choose a company named "xinzhoubang" as a case enterprise.Through the analysis of enterprise financial data,combined with the real option theory,we considers that the Black-Scholcs option pricing model is suitable for to evaluate the value of gem companies.Therefore,we choose the Black-Scholcs option pricing model of real option method to do empirical analysis,to estimate the five parameters of the B-S model,and get the value of the enterprise at the time of evaluation.The calculation result shows that there is a difference between the calculation results and the actual price of the stock market,this is due to the factors of stock market operation environment and social economic changes.The deviation is certain rationale,and generally acceptable.we think the result has reference value to our practice.In this paper,we explore the new method of assessing the GEM listing enterprise value.According to the case analysis,it shows that the traditional evaluation method is inappropriate in evaluating asset.The traditional evaluation method can not reflect the characteristics of high growth,high added value.but the real option can solve those problem.The evaluation results of the case and the stock market price is consistent,show that the method of real option evaluation we use to estimate the GEM listed companies ' value has certain rationality.This paper can provide a reference for the actual investment and the company's decision-making.