Study On Value Assessment Of Sci-tech Innovation Board Companies Based On EVA Model

STAR Market is a supplement to China's multi-level capital market system.And the conditions and pricing system of initial public offering are closely related to the company's value evaluation.On June 13,2019,science and technology innovation board officially opened on Shanghai Stock Exchange.Compared with A-share market companies,the first batch of companies landing on the STAR Market show the characteristics of high price earnings ratio.At the same time,in the first four months of the stock market,there was a continuous break.At the background of STAR Market investment returning to rationality,this phenomenon shows that there is a serious deviation between the current stock pricing and the intrinsic real value.Therefore,it is very important to establish the value evaluation system of STAR Market companies,no matter for policy background or actual needs.At present,the academic community has begun to study the valuation of science and technology innovation board companies.However,due to the short opening time,the relevant research hasn't been mature,and the methods of scientific value evaluation for the companies are still in exploration.In addition,some scholars have jointly proposed the possibility of EVA model as a reasonable valuation method.Therefore,in order to explore the possibility of EVA model being included in the valuation system of STAR Market,the research problem identified in this paper is that whether EVA model is an accurate and reasonable method to evaluate the value of STAR Market companies.In this paper,the core issue is divided into three specific issues.Firstly,with STAR Market companies' features combined,compare the EVA model with traditional valuation models to analyze its applicability in theory.Secondly,select the appropriate accounting adjustment items,and build EVA model which is suitable for the characteristics of STAR Market companies.Finally,take Beijing Traffic Control Technology as an example.Based on the evaluation of its sustainable operation ability,use the EVA model built in this paper to evaluate its value and then analyze the result.The main achievements are as follows:(1)EVA model is effective for the value evaluation of STAR Market companies;(2)the accounting adjustment items selected and adjustment methods in this paper are scientific and reasonable;(3)at present,there are four limitations in EVA model,corresponding to which four suggestions are put forward.The practical significance of this study is to propose a reasonable valuation method for STAR Market companies,which is beneficial to the issuers,underwriters and investors.It can be used for reference by companies with similar characteristics.The theoretical significance of this study is to propose a new combination of accounting adjustment events and to expand the application of EVA model.The distinguishing features of this study are as follows: firstly,use the Balanced Scorecard to evaluate the sustainable operation ability of the case company as the premise of valuation;secondly,compare the valuation results of the model and that of simplified EVA formula to verify the scientificity of accounting adjustment.