高科技创业上市公司商业模式设计对其IPO估值的影响

Influence of High tech Entrepreneurial Listing corporation's Business Model Design on IPO Valuation

高科技创新型企业是人们目前关注的热点,目前我国创业板公司就成为资本市场的新宠儿。而对商业模式的研究也属于前沿领域,众多学者对于商业模式还没有权威清晰的定义。本文的目的就在于研究高科技上市公司商业模式设计与其在资本市场估值的关系。本文对商业模式设计及托宾q值的理论文献进行了回顾,通过对创业板281家上市公司的商业模式设计的研究,并通过小组讨论,对每一家公司的商业模式进行了评价及评分。再通过spss软件分析了这281家公司的商业模式评分与其市场价值、财务数据之间的关系。

Nowadays people focus on the high-tech innovative companies, and the high-tech listed company is the new favorite of the capital market. Besides, the research of the business model design is the frontier, with so many scholars, there is no Authoritative definition yet. The purpose of this paper is to find the relationship between the business model design and the valuation of a company. In this paper, the business model design theory and the Tobin q theory were reviewed. The writer tries to explore the relationship between the business model design and the valuation of the high-tech listed company via the research of 281 listed companies, and we score every company＇s business model design through several group discussions.