科创板作为中国版的“纳斯达克”，上市公司的企业市值是众多投资者最关注的问 题。而进入科创板上市的公司，其最明显的特征是国家战略积极鼓励发展的行业以及高 新技术企业。科创板作为战略新兴的板块，不同于以往的股票市场，在发行要求以及交 易机制上有较多创新规定，且科创板上市公司的估值及其价值则显示其核心竞争力。而 从首批科创板上市的 25 家公司平均市盈率高达 53.4 倍，相比 A 股 23 倍常规市盈率倍 数相比达 2 倍之多。其科创板上市公司的“高估值、高市盈率”背后其合理性所在？且 支撑以及影响的因素有哪些？这些都值得深入研究。 基于信号传递理论、投资者情绪相关理论基础上，本文选取科创板首批上市公司中 “市盈率”最高的公司--中微公司作为研究对象，以 2016 至 2019 年公司、行业以及首 批上市公司统计数据为基础，利用文献研究法、案例分析法以及事件研究法，通过观察 上市后中微公司的市场反应，探讨中微公司“高市值”的影响因素，分析公司财务业绩 能否支撑其估值的合理性，并通过论文的分析得出相应的启发。 本文主要结论为：第一，中微公司的市值高于公司的内在价值。高市值的主要影响 因素确实是受国家的战略导向与政策支持、行业发展状况、投资者情绪等方面影响。第 二，政府产业政策支持直接影响公司的市场价值。基于信号传递理论，政府补助及税收 优惠政策，缓解企业快速发展资金需求以及财务业绩提升，进而使企业估值水平上升。 第三，处于细分市场行业前景以及领先的公司可获得超额收益率，从而直接影响了市场 价值。第四，从短期看，企业的市值可能会受到其他因素的影响，存在高估甚至炒作。 但从长期来看，企业的价值还是依靠企业良好的经营与财务成果，决定企业市场价值的 还是企业的内在价值。 通过对科创板首批 “高估值与高市值”典型案例的研究，对其他上公司合理制定 估值方案、投资者理解公司的内在价值在于企业持续经营能力和创新能力，以及公司合 理使用融资手段均有一定借鉴意义。 关键词：科创板；估值；市盈率；高市值II Abstract As a Chinese version of "Nasdaq", Science and Technology Innovation Board is the most concerned issue of many investors for the market value of listed companies. The most obvious characteristics of companies listed on the Science and Technology Board are industries and high-tech enterprises that are actively encouraged by the national strategy. As a strategically emerging sector, the Science and Technology Board is different from the previous stock market. There are more innovative regulations on the issuance requirements and trading mechanisms, and the valuation and value of the companies listed on the Science and Technology Board show their core competitiveness. The average price-to-earnings ratio of the 25 companies listed on the first batch of science and technology board is as high as 53.4 times, compared with 23 times the A-share conventional price-earnings ratio multiples. What is the rationale behind the "high valuation and high price-earnings ratio" of its listed companies on the science and technology board? What are the supporting and influencing factors? Therefore, the phenomenon of "high valuation and high price-earnings ratio" of listed companies on the Science and Technology Board is worthy of in-depth study. Based on signal transmission theory and investor sentiment-related theories, this article selects the first batch of listed companies on the Science and Technology Board with the highest P / E ratio Zhongwei Company as the research object, based on the statistical data of companies, industries and the first listed companies from 2016 to 2018 As a basis, the use of literature research methods, case analysis methods and event research methods to explore the influencing factors of the “high valuation” of the company, the market reaction behind the “high price-earnings ratio”, the company ’s intrinsic value is reflected in its financial performance, and the company ’s financial Whether performance can support the rationality of its valuation. The main conclusions of this article are as follows: First, the market value of Zhongwei Company is higher than the company's intrinsic value. The main influencing factors of high market value are indeed influenced by the country's strategic orientation and policy support, industry development status, and investor sentiment. Second, government industrial policy support directly affects the company's market value. Based on signal transmission theory, government subsidies and preferential taxation policies can alleviate the rapid development of the company ’s capital needs and financial performance, which in turn will increase the company ’s valuation. Third, the prospects of industry segments and leading companies can obtain excess returns, which directly affects market value. Fourth, in the long run, the value ofIII an enterprise still depends on the company's good operating and financial results. In the short term, the market value of an enterprise may be affected by other factors, and there is overestimation or even hype. But in the long run, it is the intrinsic value of the enterprise that determines the market value of the enterprise. Through the research on the first batch of "high valuation and high market value" typical cases of the Science and Technology Board, reasonable valuation plans have been formulated for other upper-level companies. The financing methods have certain reference significance. Keywords: Science and technology board; Valuation; Price-earnings ratio; High market valueIV 目 录 摘要...........................................................................................................................................I Abstract ..................................................................................................................................... II 目 录........................................................................................................................................IV 图表目录..................................................................................................................................VI 第一章 绪论..............................................................................................................................1 1.1 研究背景和研究意义 ..................................................................................................... 1 1.1.1 研究背景................................................................................................................... 1 1.1.2 研究意义................................................................................................................... 2 1.2 文献综述 ......................................................................................................................... 3 1.2.1 企业价值评估方法相关研究................................................................................... 3 1.2.2 企业价值影响因素相关研究................................................................................... 5 1.2.3 文献评述................................................................................................................... 8 1.3 理论基础 ......................................................................................................................... 9 1.3.1 信号传递理论........................................................................................................... 9 1.3.2 投资者情绪理论..................................................................................................... 10 1.4 研究内容与研究方法 ................................................................................................... 10 1.4.1 研究内容................................................................................................................. 10 1.4.2 研究方法................................................................................................................. 12 第二章 案例介绍....................................................................................................................14 2.1 科创板设立背景以及企业特征 ................................................................................... 14 2.1.1 科创板设立背景...............................................................................................