创业板估值分析——“三高”现象浅析

摘要
我国创业板市场的创立与推出，主要是为了适应“两高六新”企业的发展要求而形成的一种全新的资本市场形态。它的创立和推出，很大程度地推动我国国内更多符合条件的优质中小型企业积极上市，并且大大改善那些自主创新型中小企业的融资环境。现在的证券市场普遍认为这些创业板上市公司具有较高的成长性，应该可以被赋予较高的估值水平，而作为投资者的我们，应当如何理性地看待创业板的估值水平显得尤为重要。本论文尝试从创业板的概念与特点出发，结合相关类型的美国NASDAQ市场和中国创业板市场自身的实际特点，概括分析创业板市场三高——高发行价、高发行市盈率、高募集资金现象形成的原因和相应解决措施。

关键词：创业板；估值分析；高发行价；高发行市盈率；高募集资金 

Valuation Analysis of the GEM——the Analysis of the "Three high" Phenomenon
ABSTRACT
China’s Growth Enterprise Market was introduced mainly to meet the "two high, six new”development requirements of enterprises formed a new capital market form. Its creation and launch in China can be very effective in promoting more qualified domestic small and medium enterprises to list actively, and greatly improve the environment of quality and innovation that greatly improved the financing environment of SMEs(SMEs=Small and Medium Enterprises). The stock market is now generally agreed that the GEM(GEM= Growth Enterprise Market) listed companies with high growth potential, and they should be given a higher valuation. However, It is particularly important that how we can view the valuation of GEM rationally. This essay starts with the concepts and the features of the GEM, combining with related types of the U.S. NASDAQ market and the Growth Enterprise Market of China's own practical features, analyzing the cause of three high phenomenon (high issue price, high issue price-earnings ratio, high fund-raising) of GEM and suggesting some measures of solving the situation. Finally, summarizing the risks and prevention measures of the Growth Enterprise Market.

Key Words: GEM; Valuation Analysis; High issue price; High issue price-earnings ratio; High fund-raising

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