Research On Value Evaluation Of Enterprises Of Science And Technology Innovation Board Based On FCFF And B-S Combination Model

With the first batch of companies officially listed on science and technology innovation board,China's capital market ushered in another important member.For the science and technology board to achieve long-term development,it is inseparable from its accurate valuation.Therefore,it is of great significance to explore the value evaluation methods suitable for science and technology board listed companies.This article analyzes the characteristics of listed companies on the science and technology innovation board,and divides their value components into two parts,namely the value created by existing operating results and the potential value of high investment in research and development projects in the future.The traditional value valuation method is represented by the income method,the market method and the cost method,and it is difficult to reasonably estimate the future potential value of the enterprise,which leads to an underestimation of the value of the enterprise.Therefore,this article introduces the method of real options.Based on the characteristics that companies can make flexible decisions about R & D projects and real options have a high similarity,it attempts to use real options to evaluate the company's potential value,and on this basis,a combination model of FCFF free cash flow model and Black-Scholes option model is constructed to reasonably evaluate the overall value of the enterprise.At the same time,when using the B-S model to evaluate the potential value of listed companies on the science and technology innovation board,it was found that the parameter settings of the model were too rigid,which contradicted the uncertain characteristics of the future potential value.Therefore,the method of fuzzy mathematics was introduced,and the model was improved through fuzzy processing.In order to verify the effectiveness of theconstructed combination evaluation model,this paper takes Espressif,the first batch of listed companies of science and technology innovation board,as the research object,and applies the combination model before improvement and the combination model after fuzzy improvement to evaluate the value of the company.The two results are compared with the market value of Espressif.The results show that the combined model can well reflect the overall value of Espressif.At the same time,the fuzzy improvement of the B-S model can effectively increase the evaluation's accuracy to reduce the deviation between the value of assessment and market value.