Research On The Pricing Method And Optimization Of Anda Technology In The Private Placement Of The New Third Board

In recent years,the state has vigorously developed a multi-level capital market.The New Third Board has gradually become a more suitable financing platform for small and medium-sized enterprises due to its advantages of low threshold,low cost and convenient procedures.Among them,private placement,as the main way of financing in the New Third Board market,provides financial support for the development of small and medium-sized enterprises.However,the new Third Board private placement in the pricing chaos,the phenomenon of high discount rate.This not only reduces the financing efficiency of listed enterprises,but also damages the interests of secondary market investors.Based on the above background,this paper conducts an in-depth study on the pricing issue of private placement in the New Third Board market.Using a combination of literature research methods,case analysis methods,and comparative analysis methods,First of all,we summarize and sort out the views and opinions of domestic and foreign scholars on the pricing of private placement,private placement and the private placement of the New Third Board;next,Under the guidance of the relevant concepts of private placement of the New Third Board and related theories such as effective market hypothesis,capital asset pricing and option pricing,Analyze the current situation of private placement of China’s New Third Board;From the second,With Anda Technologies Company as the research object,Discuss the pricing method of the fifth private placement and the problems behind it;once more,Combining the characteristics of the industry of Anda Technology,Break down Anda Technologies’ assets into existing and potential assets,Which appropriate valuation method should be adopted for different assets,Finally,the free cash flow discount method and the B-S model based on the physical options method are used to evaluate the value of the existing assets and the potential assets respectively,And then to evaluate the total asset value of Anda Technologies,On the basis of the value of the asset,obtain the valuation range of the private placement price,And verify that it is reasonable and feasible to use this method to estimate the pricing of private placement of new Third Board companies;Finally,suggestions for the pricing of private placement of the new Third Board.In this paper,the pricing method of private placement of the enterprises listed on the New Third Board is helpful to improve the financing efficiency of the enterprises listed on the New Third Board and reduce the investment risk of investors,and has reference significance for improving the success rate of private placement in the secondary market.