关于OTC市场股权估值的思考

THE DISCUSSION ON STOCK VALUATION IN OTC MARKETS

健康的股权估值体系会促进OTC市场的长期发展,为中小微型与创新企业提供全国性、富有透明度的融资渠道。北美OTC上柜公司估值以主板上市公司估值方法为基础,同时估值调整项非常重要。对于我国中小微企业,需要根据上柜公司盈利特点选择合适的估值方法。估值时需要注重企业盈利趋势,多种估值方法互为补充,避免过于复杂的过程及过多的主观假设。估值水平的折价和溢价是风险收益权衡的结果。

A healthy equity valuation system will promote the long-term development of the OTC market, and will provide more national and transparent financing channels for those small and medium-sized enterprises. The stock valuation methods used in the OTC market of North America are based on those methods used in the main board markets. In practice, some adjustments are necessary and important. For those small and medium-sized enterprises in China, the stock valuation methods are determined by the characteristics of business. The stock value is inextricably bound to the trend of earnings. The combination of several valuation methods is necessary. It＇s better to avoid too many assumptions and complex process. Discount or premium on valuation is the result of risk-return trade-off.