基于创业板上市流程的企业上市价值

基于企业在创业板上市的流程,给出两阶段流程的实物期权特性, 基于二项式定价模型对企业上市复合实物期权的价值进行研究. 敏感性分析显示,企业延迟上市付 出的额外成本逐渐增大时, 企业的上市复合期权价值减小;存在较大的延迟上市成本时, 企业按时上市的复合期权价值最大;上市收益波动率与投资收益波动率的增加均提高企业上市复合期权的价值,且超募资金投资率越大, 期权价值越大等, 为企业在创业板上市融资提供决策依倨.

Value of enterprise listing based on the listing process on GME

According to the features of real options in the process of listing on the GEM,a binomial option price model based on compound real options of listed companies on GME is built.Sensitivity analysis shows that the company listed on time will have the maximum value of compound option,when there is a large cost of delay;the increase of the listing gains volatility and the investment income volatility will increase the option value of listing.It provided the basis of occasion for the companies' public financing ...