摘要
我国创业板自2009年推出以来,一直存在发行价格定价不合理问题。本文分析了在创业板估值中常用的相对估值法和绝对估值法,对创业板企业的行业特点和估值特点进行了讨论,在此基础上剖析了创业板发行定价中发行人和承销商在财务数据采集、发展速度设定、类比公司选择、无形资产评估等四大方面存在的问题。最后,本文结合我国创业板监督管理的实践,提出了改革发行制度的基本思路。
China GEM since its launch in 2009, there has been the issue of irrational pricing. This paper analyzes the relative valuation method and absolute valuation method used in the valuation of the GEM, discusses the industry characteristics and valuation characteristics of GEM companies. On the basis of the foregoing discussion, the paper analyzes financial data acquisition, development speed setting, analog company selection, evaluation of intangible assets, such as the four major aspects of the problem about the issuers and underwriters. Finally, combining with the practice of the supervision and management of the GEM of our country, the paper puts forward the basic issue of reform of the system.
出处
《价值工程》
2013年第13期168-170,共3页
Value Engineering
基金
深圳大学人文社科基金项目(项目编号:10QNCG12)
