Enterprise Value Analysis And Evaluation For Different Layers Of The NEEQ Market On The Perspective Of Financing Methods

The NEEQ market has the characteristics of low listing threshold,low listing fees and high listing efficiency,which facilitates access of techno logy-based and innovative small,medium and micro enterprises to the capital market.Enterprises are at different stages of the life cycle,their economic environment,industry development trends,and their own business strategies and corporate goals will be different,how to make financing the most beneficial to enterprise value is not absolute.Based on the perspective of financing methods,the research enterprise value assessment of Foundation and Innovation layer of the NEEQ is beneficial to the operators,management awareness to improve the enterprise value and provide inspiration for the enterprise value evaluation.Take the NEEQ market enterprises as the research object starting from the characteristics and financing characteristics of SMEs at different layers(base layer and innovation layer),discuss the relationship between the financing methods and the enterprise value under foundation and innovation layer,and is conducive to different layer enterprise.The enterprise chooses appropriate financing methods in the process of expanding financing varieties,and enriches the research on the relationship between financing methods and corporate values.At first review the research on financing methods of enterprises at different layers(stages of growth)on the NEEQ market;and then compare the measurement standards of different enterprise values,and make inspirations on the relationship between enterprise value and financing methods;then use information technology,enterprises in consumer goods,non-daily consumer goods,raw materials,industry,healthcare,telecommunications,and energy were selected as the research subjects.A total of 178 listed companies were selected.The time span of observation was from 2013 to 2016,based on sample data.According to dividing result what NEEQ market enterprises are divided into two stages of growth:the innovation layer and the base layer.On this basis,panel data regression was used to analyze the financing characteristics of sample companies at different stages of growth.Panel data regression analysis is used to analyze the financing characteristics of sample companies at different growth stages.Finally,on this basis,Select two basic layer case companies and two innovation layer case companies.The value of Foundation and Innovation layer of the NEEQ is further evaluated according to the model,and the effectiveness of the evaluation model is verified.Research indicates that different companies have different characteristics in their different stages of growth.The case enterprise evaluation results show that,according to the relationship between enterprise value and financing method,the value of foundation and innovation layer of the NEEQ is further evaluated,which is consistent with the actual value change trend,and the evaluation model is effective.The results show that the characteristics of equity in different growth stages are different.The proportion of equity financing is negatively correlated with the value of the enterprise at the basic and innovation levels.The short-term borrowing is significantly positively correlated with the value of the enterprise at the innovation level.The results of the case enterprise evaluation show that the enterprise value of NEEQ base layer and the innovation layer case is fUrther evaluated according to the relationship between the enterprise value and the financing mode,which is consistent with the actual enterprise value change trend,indicating that the evaluation model is effective.This result provides reference for the listed companies in foundation and innovation layer to expand the corresponding financing types.It also provides more information for investors who make investment decisions,which is conducive to the rational financing methods and business strategies that the enterprise chooses according to the stage of growth,and provides new perspectives and methods for enterprise value assessment.