Research On The Value Evaluation Of GEM Enterprises Based On Entropy Method

Technological innovation is the source of promoting national economic strength,and it is also the driving force that directly promotes the survival and development of high-tech enterprises.Compared with traditional enterprises,high-tech enterprises on the GEM show higher growth and risk,and the factors affecting the value are more complex,which brings greater challenges to the determination of their reasonable value,leading to the emergence of the market’s determination of the value of high-tech enterprises.The deviation makes high-quality enterprises unable to be discovered by the market,and enterprises whose value and risk cannot be matched have a high market value.The innovation achievements of high-tech enterprises on the Growth Enterprise Market are an important factor affecting their enterprise value,reflecting the potential profitability of the enterprise and corresponding to the potential profit value of the enterprise.After analyzing the influencing factors and the entropy value method of the value of the high-tech enterprises on the GEM,this paper proposes a combination evaluation method combining the cash flow discount method and the real option method,and takes Shengbang as the research object,using the entropy method Carry out the weight analysis of its main value influencing factors,divide the enterprise value of Shengbang shares into two parts: the existing profitability value and the potential profitability value,and evaluate the value brought by the existing profitability of the enterprise and the technical advantages.The potential value brought by it provides a feasible idea for the reasonable determination of the value of Shengbang and high-tech enterprises on the GEM.Through the study of entropy value method,it is found that the entropy value of the factors affecting the potential profitability of the high-tech enterprises on the GEM is generally smaller,and the amount of information carried is larger,and the weight of the impact on the enterprise value accounts for about 47%.Enterprises have a greater impact.The entropy method is used to analyze the case company Shengbang shares.It is also found that the factors reflecting the potential profitability of the company have a great influence on the enterprise value of Shengbang shares,which should be considered in the evaluation.Therefore,the discounted cash flow method and real options are used.Shengbang shares are evaluated using the combination evaluation method of the law.According to the valuation results of the case,the total value of the existing profitability value and the potential profitability value more reasonably reflects the overall enterprise value of Shengbang shares,and the research and development capabilities of Shengbang shares have brought greater potential value to the enterprise.But at the same time,it is also found that the market value of Shengbang shares has been overvalued by the market,which has a large investment risk.Shengbang shares need to further improve its comprehensive strength to support the current ultra-high valuation.