Research On Enterprise Valuation Of STAR Market Based On PEG And EVA

In June 2019,science and technology innovation board was officially listed in Shanghai Stock Exchange.China 's securities market ushered in a new market plate,which made up for the lack of China' s multi-level securities market and is a leap forward development in the process of China 's capital market reform and innovation.The science and technology innovation board,proposed by the top leaders of the state,focuses on serving strategic emerging industries,supporting the development of science and technology innovation enterprises,and promoting the coordinated development of science and technology innovation and capital market.At the same time,the pilot registration system of science and technology innovation board drives the stock reform of capital market by means of incremental reform,so as to explore and try for the soft landing of registration system in China.As soon as the science and technology innovation board is put forward,it has the aura of policy support,which attracts the high attention of all sectors of society,resulting in the phenomenon that the price earnings ratio of science and technology innovation board enterprises is generally high.Whether the stock price under the high P/E ratio is true and reasonable reflects the internal value of the enterprise,arouses the deep thinking of the market participants,and how to evaluate the internal value of the science and technology innovation board enterprise is particularly urgent.After more than a century of development,the theory of enterprise value assessment has formed a very complete theoretical system.Those valuation theories can be applied to the value assessment of science and technology innovation board enterprises need to be further explored.Through a comprehensive analysis of the science and technology innovation board,the science and technology innovation board enterprises are mainly scientific and technological innovation enterprises,with high growth characteristics.And the applicability and advantages and disadvantages of the current mainstream valuation methods are analyzed in detail.Combined with the characteristics of high growth of science and technology innovation board enterprises,it is considered that PEG method and EVA method are suitable for the Valuation Research of science and technology innovation board enterprises,while the application in practice needs to be verified by case study method.In this paper,we select a representative case of Lanqi technology,apply the peg method and EVA method to analyze the valuation of Lanqi technology,and explore the intrinsic value of Lanqi technology.Through the research of this paper,in the valuation application of Lanqi technology,PEG method and EVA method can make a reasonable value evaluation,which provides a new idea for the value evaluation of science and technology innovation board enterprises and helps to improve the effectiveness of the market pricing of science and technology innovation board.The improvement of the market pricing accuracy of science and technology innovation board promotes the sustainable and effective development of science and technology innovation board market.At the same time,it can advocate and practice the concept of "value investment" and improve the effectiveness of China's capital market.