Valuation Of GEM Listed Companies Based On REVA Model

At the present stage of China,the difference between the listed companies on the gem and the listed companies on the main board is greater.The former is relatively short,but it has high growth,high income and high risk compared with the latter.Most of them are high-tech and emerging companies.Traditional methods have some shortcomings and limitations in evaluating such companies.Therefore,how to choose the evaluation methods that can meet the national conditions and meet the needs of the listed companies of the gem become the breakthrough point of this study.This paper introduces the three traditional methods in the assessment of enterprise value,through the analysis of the present development situation of the GEM market,and summed up the characteristics of China's GEM listed companies.The shortcomings and limitations of the three traditional methods in the valuation of GEM companies are analyzed.In view of its limitation,this paper points out the necessity of applying REVA index to the valuation of GEM listed companies.Combined with the competition equilibrium theory and the future development of different companies,this paper systematically expounds the REVA value evaluation model,and then deduces the two stage theoretical model.Applying this model to a listed company introduced in this paper,it is found that the REVA evaluation model can better explain the value of GEM listed companies and possess the advantages of other evaluation methods.Then,the representative of the environmental protection company--Tianjin motianmo Polytron Technologies Inc selected GEM listed companies,first on the historical data of2011-2015 years were reviewed,the calculation of REVA.After the combination of the prediction company operation situation and the external economic environment,the trend analysis and historical data average method to predict 2016-2020 data,calculate the forecast period REVA value,using the theoretical model of REVA two phase,from 2015 Tianjin motianmo Polytron Technologies Inc value.The valuation of the company value and the actual value of the variance analysis,it is proved that REVA model is more suitable for the GEM listed companies,and through case studies proved that the REVA model can be used in the GEM listed company value assessment,and assessment of the REVA model in our country should be used to put forward constructive suggestions.