Research On Valuation Method Of Special Equipment Manufacturing Enterprises In The SSE STAR MARKET

The establishment of the SSE STAR MARKET and the registration system is a new attempt of China's capital market,and it also puts forward new problems and new requirements for the market.Among them,the enterprise valuation of the SSE STAR MARKET is one of the issues that attracts wide attention.The listing system of the SSE STAR MARKET reflects strong corporate inclusiveness,allowing unprofitable enterprises to be listed without the restriction of 23 times earnings ratio.The scientific and creative property highlighted by the plate positioning indicates the basic characteristics of the listed enterprises in the SSE STAR MARKET,and the factors affecting enterprise value are more complex.The issue of the high value of the convertible stocks represented by TZTEK has been hotly discussed in the market.On the surface,it shows that the market has doubts about its value,which in essence reflects the market's concern about the valuation of enterprises in the SSE STAR MARKET and the urgent psychology of exploring scientific and reasonable evaluation methods.As for the research status,there are few researches on the valuation of the SSE STAR MARKET since it has just been established.Although there have been published literatures on the valuation of high-tech enterprises in recent years,most of the researches only focus on the innovation ability of enterprises,and put forward a complex but relatively weak evaluation index of innovation ability,which has certain limitations.This paper takes TZTEK as the case study object.The core issue is how to evaluate the value of the SSE STAR MARKET special equipment manufacturing enterprises.The research idea is based on the theory of intellectual capital and the theory of enterprise value evaluation method,and TZTEK,a special equipment manufacturing enterprise of the SSE STAR MARKET,is taken as the case study object.Firstly,the characteristics and core value drivers of the SSE STAR MARKET special equipment manufacturing enterprises are explored,and the applicability of the market method is considered to be stronger.This paper introduces the coefficient of intellectual capital increment to improve the evaluation scheme of the market method,and mainly improves the key steps of the market method,such as the selection of companies and the determination of the value ratio,so as to improve the comparability of comparable companies and the rationality of the value ratio.Finally,the evaluation results obtained according to the improved evaluation scheme are compared with the issue price and market value of the case company,and the reasonable feasibility of the improved scheme is obtained.The main conclusions of this paper are as follows :(1)For the enterprise value evaluation of special equipment manufacturing industry for the SSE STAR MARKET,it is appropriate to adopt the market method for evaluation,and the better application effect can be achieved after the improvement and optimization of the market method.(2)The concept of entropy value method and proximity degree can be introduced in the determination of comparable companies,which can eliminate the arbitrariness and subjectivity of choosing comparable companies.In the selection of comparable companies,in addition to the traditional financial indicators,the introduction of VAIC can theoretically achieve a more comprehensive comparison of business conditions,can choose more close to the comparable companies.(3)Regarding the selection of the value ratio when using the market method,the traditional value ratio is inadequate and VAIC value ratio is more suitable.(4)The evaluation results of tianjun technology show that the value of each share evaluated by the improved market method is closer to the issue price,while the evaluation results of the traditional market method are prone to cause the undervaluation of the value.The research value and practical significance of this paper lies in the improvement of the application of market method to the SSE STAR MARKET enterprise value evaluation,which reflects the characteristics of the SSE STAR MARKET special equipment manufacturing enterprise value evaluation,and can provide a unique perspective and thinking for the theoretical research and practical work of asset evaluation.In addition,this paper further realizes the improvement of the evaluation scheme of MARKET method through cases,and obtains the superiority of the new value ratio over the traditional value ratio,which provides a referential direction for the valuation model optimization of the SSE STAR MARKET enterprises in practice.