Research On The Unprofitable Enterprises Value Evaluation Of Sci-Tech Innovation Board Based On EVA Model ——A Case Study Of VeriSilicon

In order to promote the development of China's science and technology and accelerate China's becoming a member of a powerful country in science and technology,the Sci-Tech Innovation Board(STAR Market)was born.As a newly established board,the data index of "expected market value" is introduced for the first time in the listing conditions of the design the STAR Market.For companies with different market value scales,companies also put forward different listing standards.Reasonable valuation is the key factor to determine whether products can be listed successfully and the stock price is high or low.At the same time,the STAR Market has further relaxed the requirements for the profitability of enterprises,which also enables those unprofitable enterprises that meet the relevant requirements and conditions to have the opportunity of listing and financing,but the market value of those unprofitable enterprises is generally required to be higher,so how to make a reasonable valuation is more important for unprofitable enterprises.As of December 31 st,2021,the STAR Market of23 non-profit enterprises have reached the goal of listing.However,this kind of enterprises are not only in the unprofitable state,but also have the characteristics of high R?D and rapid growth,coupled with a series of reasons such as the independence and advancement of the enterprises' own science and technology attributes,which make them less comparable enterprises,and the traditional valuation method is probably not suitable for unprofitable enterprises of the STAR Market.Moreover,at present,in academic circles,the valuation methods for the unprofitable enterprises of the the STAR Market are not unified at present,and are still in the process of exploration,so it is worth our in-depth study and discussion to try to find a valuation method suitable for the unprofitable enterprises of STAR Market.With the extensive application of EVA valuation method,some scholars have suggested that it is possible for EVA valuation method to be applied to the value evaluation of unprofitable enterprises of STAR Market.Therefore,the thesis evaluates the value of unprofitable enterprises based on EVA valuation model to verify the applicability and effectiveness of the model.Firstly,from the theoretical point of view,it proves the applicability characteristics of EVA valuation model to non-profit enterprises of STAR Market.Secondly,according to the value characteristics of the unprofitable enterprises of STAR Market,the accounting items and specific stage models that need to be adjusted are selected pertinently,and a EVA valuation model suitable for the unprofitable enterprises of the science and technology innovation board is constructed.Finally,from the perspective of case analysis,the company taking“Veri Silicon” of non-profit enterprises of STAR Market as the research case has repeatedly tested the effectiveness of EVA valuation model in evaluating the value of non-profit enterprises of STAR Market.And put forward relevant suggestions to improve the utilization of EVA valuation model,improve EVA valuation model and promote the development of investors' rational investment.The thesis not only broadens the application field of EVA model as a value evaluation method,but also provides a new development idea for the valuation method of non-profit enterprises of STAR Market,and to some extent,perfects the research on the valuation of non-profit enterprises of STAR Market.