| For a long time,China has built a broad financing platform for enterprises in the software and information technology service industry at the capital market level in the process of resource investment and policy support.China’s National Equities Exchange and Quotations market was launched in 2006,which provides some high-tech enterprises with the right of its equity trading situations,but the dividend has become history,the reality is that because the mad enterprises,special request of investors,the low energy of the market and few funds,it is difficult to give support to Science and Technology Innovation Enterprises.Therefore,China’s software and information technology service enterprises are in urgent need of a suitable financing platform to ensure the sustainability of their growth.In this case,new development opportunities for these enterprises emerged after the SSE STAR Market opened in June 2019.First,the board is on the one par with other boards,enterprise trading energy can be guaranteed on the board.Secondly,this board also regards the future development potential of enterprises as an investigation point that cannot be ignored.Therefore,the SSE STAR Market is favored by a large number of software and information technology service enterprises.To construct a unique valuation model for software and information technology service enterprises for the purpose of listing on board transfer and carry out a reasonable valuation will maintain the stable development of the capital market,help enterprises to obtain funds in the financial market,and help investors to make rational investment decisions.The general outline of this paper is as follows,First of all,the evaluation method and applicability analysis.This paper sorts out the characteristics,value composition and applicability of various evaluation methods of software and information technology service enterprises’ conversion to board listing value,and concludes that adopting market method to evaluate enterprise value is closer to the real value and easy to be accepted by the market.Secondly,this paper introduces the applicability and advantages of constructing the evaluation model of market method based on grey correlation degree,and solves two main problems in the evaluation process of market method,namely,the arbitrariness of case selection and subjectivity of factor correction.The specific improvement process is to first use the performance evaluation standard value to build the market method model,then introduce the grey relational system theory into the market method,combine qualitative and quantitative analysis methods,try to overcome the influence of subjective factors,improve the accuracy of the market method in the evaluation results,and finally obtain the enterprise value.According to the framework constructed above,this paper selects the case enterprise Y Technology Co.,LTD.,and establishes a market method evaluation model based on gray correlation degree to evaluate the value of the case enterprise and test the feasibility of the model.Then the evaluation results are tested and evaluated,and the evaluation result is close to the intrinsic value,which is reasonable.Many software and information technology service companies listed in the National Equities Exchange and Quotations Market are of very high quality.Therefore,the vision of these enterprises to be listed on the board is more maneuverable after the establishment of SSE STAR Market,and the acceptance of the capital market for these enterprises is also improving.In the future,there will be more and more National Equities Exchange and Quotations Market companies on the SSE STAR Market.On the basis of traditional evaluation methods,how to evaluate the value of listed companies on the board more reasonably has become a new question for the asset evaluation industry. |
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