Evaluation Of The Software And Information Technology Corporations Listed In The New OTC Market Based On AHP-FCE Method

With the implementation of a series of major national strategies such as "Internet +","made in China 2025","big data","block chain" and "AI",China's economic development has entered a new normal.China's software and information technology service industry,as the pillar industry of the national informatization process,is the national strategic leader and an important manifestation of the core competitiveness of the country.Software and information technology enterprises rank second in the number of new OTC market listings,and the turnover amount is huge.Therefore,it is of great significance to study the intrinsic value of new OTC enterprise software and information technology service enterprises.The business model and capital structure of software and information technology enterprises in the new OTC market are unstable,which are often characterized by high technology,high risk and high growth.At the same time,the new OTC market has a high access threshold,which makes the market lack of relatively sufficient liquidity,and the intrinsic value of enterprises can not be fully reflected,resulting in the difficulty of investment and financing activities in the new OTC market.Firstly,this paper makes a comparative analysis of the theory of enterprise value creation and traditional valuation methods,and discusses the shortcomings and constraints of the traditional valuation methods such as FFCE discount method,BS option method,relative valuation method and EVA economic value added method.Secondly,it analyses the characteristics and development of the new OTC market,combines the characteristics of enterprises with the relevant value theory,and constructs the relevant evaluation indexes of enterprise value evaluation.The index is estimated by AHP-FCE method.Based on the theory of value creation,value chain and balanced scorecard,and combined with the main factors such as the development trend of new OTC market software and information technology industry,macro and micro economic environment,business model,corecompetence and liquidity of enterprises,this paper uses AHP-FCE method to systematically and comprehensively investigate the factors affecting enterprise value,and to evaluate new OTC market's software and Information technology enterprises.