Design And Application Of The New Three Board Software And Information Service Industry Equity Value Evaluation Model

With the rapid development of the NEEQ market and the further improvement of related systems,in order to better manage and audit the companies to be listed;and also to attract more investors after the companies are listed,the real realization of equity circulation requires us very much.Make a reasonable assessment of the equity value of NEEQ companies.By analyzing the development status of the NEEQ market and the characteristics of software and information service companies,we can see that most of the software and information service companies are start-ups,with less relevant data,and have high risks and high returns.,And its intangible assets account for a relatively large,then how to reasonably evaluate the equity value of the new third board enterprises,especially after the expansion of the new third board,the number of listed companies is increasing,and the scale is getting larger.Assessing the equity value of NEEQ companies is becoming increasingly important.This article first describes the research background,puts forward the research purpose and significance,and analyzes the current status of research at home and abroad.Then explained the related concepts and equity valuation methods,and introduced the development status,trading system,and intangible assets of the software and information service companies of the new third board in China.The intangible assets of the new third board are large,high risk and high return,little financial data,strong phase Enterprise characteristics such as rapid technology updates,and traditional equity valuation methods cannot be used to assess the characteristics of NEEQ companies.Therefore,this paper chooses to use real option theory to evaluate the value of NEEQ software and information services.At the same time,taking into account the characteristics of the current NEEQ software and information service industry with poor liquidity and discontinuous equity transactions,when using real options for valuation,because the underlying assets and volatility are difficult to calculate accurately,this article introduces a risk assessment Domain PFM model.The theory holds that there is a strong correlation between changes in the corporate value of listed companies and their volatility and changes in non-listed companies.model.Then bring in the financial indicators of two representative NEEQ software and information service companies,calculate their corporate values and their volatility parameters,and then calculate their equity value through the BS pricing model,and flow the results at the same time discount adjustment.Through the results of regression,we can see that financial indicators such as TA,EBITDA,and IA have a greater impact on corporate value.Financial indicators such as TAT and SALES can well explain the volatility of corporate value.Finally,through the evaluation of the equity value of Youxuan Software and Helistan Technology,and comparing with the real stock price,the corresponding error rate is obtained,which confirms the effectiveness of the B-S pricing method and the rationality of the PFM principle.