摘要
科创板的设立为一批具有科技创新能力,但缺乏业绩记录的企业提供了融资便利。然而,科创板企业普遍具有轻资产占比多,产品业务较为独特等特点,使得基于资产的估值方法适用性受到一定限制。因此,如何对科创板企业进行合理估值成为投资者面临的挑战。本文以深圳微芯生物科技股份有限公司作为案例进行研究,探讨基于B-S模型的实物期权法在公司估值中的应用,从科创企业的不同阶段、不同维度出发,尝试测试估值中的各种要素并解决相关难点。
The establishment of STAR Market provides new financing facilities for a number of enterprises which are strong in scientific and technological innovation, but lack of historic performance records. However, STAR Market listed companies generally have the characteristics of more light assets and more unique product business. As a result, the applicability of asset-based methods is limited to a certain extent. Therefore, how to reasonably evaluate the science and innovation board enterprises has become a challenge to investors. This paper intends to study application of real option method, which is based on B-S model, in firm valuation, taking Shenzhen Chipscreen Biosciences Co., Ltd. as an example, starting from examining the different stages, different dimensions of science and tech-nology innovation enterprises, then trying to access the various elements and solve the difficulties in the valuation.
出处
《金融》
2021年第4期399-410,共12页
Finance
