The Influence Factors Of Pre-IPO Price Valuation Of Small And Medium Sized Enterprises In China

Pre-IPO capital is a private equity investment,the investment is a private equity investment which is the most closed to the stage for enterprises listed in all stages of time range,a form of investment that is more important for all types of private equity investment.Therefore,while private equity investors invest in the Pre-IPO investment,they will consult with the goal of investment enterprises or by consulting professional personnel to stock value assessment for Pre-IPO price valuation to determine an appropriate price of Pre-IPO.However,in terms of Pre-IPO price valuation methods,there are not very clear reference indicators to form a systematically price valuation system.Therefore,this paper has done a certain practical significance for the study of the factors effecting the price of Pre-IPO.Firstly,we have described the two main Pre-IPO price valuation,including the characteristics of corporate and individual investors,clarify the connotation of Pre-IPO,and discuss the form of Pre-IPO investment organization;and by the effect of Pre-IPO for the development of small and medium-sized enterprises,we have highlighted the necessity of small and medium-sized enterprises draw into Pre-IPO;Then we have focused on the negotiation process of Pre-IPO price valuation,and expounds the negotiation process concise and the main way to Pre-IPO price valuation.Secondly,through the analysis of the traditional stock valuation model,we have listed the methods under different assumptions and hypothesis for the stock price valuation,and highlight the estimated stock price valuation.The key ideas of the models have paid more attention to the intrinsic value of the stock.With these assumptions and concerns,the two factors of the stock price valuation are attractive: the profitability index and the solvency index.Thirdly,while in the process of conducting empirical analysis,we have selected for small and medium-sized enterprises,which are defined as the investment target enterprise of Pre-IPO investment as the research objects,and according to the listing categories of the enterprises we have divided the sample into the small-medium size enterprises and the GEM listed enterprises.Then,we base on the enterprise solvency and profitabilityindicators of these two companies operating capacity as the main influence factors of price index valuation,and through the establishment of multiple linear regression model,we have carried out the regression analysis by using the Stata software to explore the influence factors of Pre-IPO price valuation research.In the process of empirical research,we have done some tests of significance for the regression equation:through factor analysis and variance inflation number judgment conditions,we can determine whether it has multiple linear regression;through White test or BP test,we can test whether differences in variance regression equation.Thus,by comparing the regression results of the relevant equations of small and medium size companies and the GEM listed companies,we can determine the way that the two indicators impact on the two different types of enterprises.In addition,we have also analyzed the way that the ability to make profits and the industry property of the target enterprise influence the Pre-IPO price,which can also effect the Pre-IPO price valuation.Finally,we divide the sample data according to the type of the investors,divide them into corporate investors and personal investors,through multiple linear regression analysis to determine the effect of each index on the Pre-IPO price valuation,and through the single factor analysis of variance to test the classification effect on whether Pre-IPO have a significant price valuation.