IPO pricing in second board market of china: A perspective of EVA model and enterprise life cycle theory

摘要

In order to evaluate the real stock value of second board market enterprises in China, this paper try to build a effective model for measuring them. The model which we build were based on the EVA evolution model and enterprises life cycle theories. We choose a real high technology corporation to test our net present EVA model, and find that the real value of the corporation which computed by our model can fit the IPO market value well. Then, we draw the conclusion that using the EVA and enterprise life cycle model can effectively measure the real value of second board market enterprises in China.