我国科创板上市公司估值方法的适用性研究

Research on the Applicability of Valuation Methods for Listed Companies on China’s Science and Technology Innovation Board

2019年科创板开板以来,如何科学评估具有科创属性高新技术企业价值,成为理论与实务界面临的一大难题。本文围绕科创属性本质,尝试从估值方法层面分析了科创板上市公司的现状以及主流方法的适用性。研究发现,科创板广布高新技术企业,其“三多”特征给现金流预测带来较大困难,极易造成实际估值偏差。同时,通过进一步研究发现,DCF法、PE法、PB法、PS法四种主流方法中,PE法与PS法更适用于科创板上市公司科学估值。

Since the opening of the science and technology innovation board in 2019,how to scientifically evaluate the value of high-tech enterprises with science and innovation attributes has become a major problem faced by the theoretical and practical circles.Focusing on the nature of science and technology innovation attributes,this paper attempts to analyze the current situation of listed companies on the science and technology innovation board and the applicability of mainstream methods from the perspective of valuation methods.The study found that high-tech enterprises are widely distributed on the high-tech innovation board,and its“three-more”characteristics bring great difficulties to cash flow forecasting,which can easily lead to deviations in actual valuations.Meanwhile,by further research,it is found that among the four mainstream methods of DCF,PE,PB and PS,the PE method and PS method are more suitable for the scientific valuation of companies listed on the science and technology innovation board.