| President Xi Jinping mentioned in his keynote speech at the opening ceremony of the first China Import Expo on Nov.5,2018.Set up a science and innovation board on the Shanghai Stock Exchange and pilot the registration system,support the construction of Shanghai’s financial center and science and technology innovation center,and continuously improve the basic system of the capital market.It is another masterpiece of China’s capital market reform and a "testing ground" for the full implementation of the registration system in China’s capital market.Since its first day of operation,the board has attracted the attention of the entire capital market,and in more than two years,more than 300 companies have been listed on the board,with a total market value of 5 trillion yuan.They are mainly located in the following industrial fields:new-generation information technology,biomedicine,high-end equipment,new materials,energy conservation and environmental protection,and new energy,and most of them are leaders in this field.However,at present,there is no complete valuation system for the value of the companies on the board,and how to make a reasonable and accurate valuation of these companies has become an urgent issue for operators,investors and regulators to discuss and solve.A review of previous literature shows that enterprise value assessment theory is not a new thing,and the theories related to enterprise value assessment at home and abroad have been developed more mature and complete,and several enterprise value assessment methods with mature theories and wider application have been formed,and this paper summarizes the application characteristics of these different types of enterprise value assessment methods on this basis.At the same time,several theories and studies have shown that life cycle theory can be applied to enterprise valuation and has a very important impact on the choice of valuation methods,which are closely related to each other.Due to the short establishment time of SSE STAR Market in China,it is a unique system supply in China,and there is no foreign research specifically for the value assessment of enterprises in the STAR market,and the research on the value assessment of enterprises in the STAR market,is still in the initial stage,and all kinds of researches are still in the preliminary stage,and no unified research theory consensus has beēn formed yet,but it is generally believed that traditional enterprise valuation theories and methods and life cycle theories can be applied to the value assessment research of KICB enterprises.In this paper,we first introduce the characteristics of various types of enterprise valuation methods and related research on life cycle theory,and then analyze how these two aspects affect the valuation of enterprises in the STAR market from the perspective of the characteristics of the STAR market and enterprises in the STAR market and the difficulties of valuation of enterprises in the STAR market,and further elaborate the applicability and application of various valuation methods to enterprises in the STAR market on this basis.Firstly,we explain how the life cycle theory affects the enterprise value assessment,and try to determine the stages of enterprise life cycle by analyzing the unique operational and financial characteristics of the enterprises in the STAR market,and then analyze the main characteristics,advantages and disadvantages of various valuation models to provide a certain basis for the selection of valuation methods for enterprises in the STAR market;then analyze the industry characteristics,non-financial information and valuation of KCI enterprises in six industries,and on this basis,we analyze the value composition of enterprises in the STAR market,the main concerns of valuation and the implementation path of enterprise value assessment.Then,we analyze the industry characteristics,non-financial information and main concerns of the valuation of the enterprises in the STAR market in six industries,and analyze the value composition of enterprises in the STAR market,the main concerns of valuation and the implementation path of enterprise value assessment,and sort out the steps and processes of different valuation models,so as to build a set of value assessment system suitable for enterprises in the STAR market.SMIC is selected as the case study of this paper,and a comprehensive and detailed introduction of SMIC’s development history,governance structure,and operation status is made,and,the analysis of the impact of SMIC’s macro environment and industry outlook on its operation is focused on,so as to provide certain data and information basis for the next step of SMIC.Based on the combined application of the theory and system of enterprise value assessment of SMIC,we use external information,internal information(such as financial information,operational information,etc.)to judge the life cycle stage of SMIC as a whole,and further judge the value composition of SMIC.Based on the comprehensive analysis of financial and non-financial information of SMIC,we believe that the P/N ratio-return on net assets ratio is more suitable for the enterprise value assessment of SMIC and using comparable companies,the enterprise value assessment results of SMIC are derived.Finally,it is found that there are differences between this result and the market value,and the reasons for the differences are further analyzed.The paper concludes with a brief summary based on the relevant research results in the previous paper,and draws conclusions on the valuation study of enterprises in the STAR market on the one hand,and outlooks on the future research direction and focus on the valuation of enterprises in the STAR market on the other hand. |
