譯文（字數 5102）：

摘要

隨著我國多層次資本市場，新三板是專為高成長的高科技非上市企業轉讓股票和金融定向逐漸成為資本市場的重要組成部分的不斷完善。我們稱之為NEWOTCBB。隨著新三板的增長，系統的不斷完善和融資不斷簡化，它是為小型和中小型企業的發展具有重要意義。作為投資者，有一個正確的認識到公司在全國股票交易所和報價的價值做出正確的投資決策。因此，如何正確評估新三板公司的價值成為投資者越來越重要。不同的估值方法都有各自的特點。在本文中，有著深入的新三板企業的特色企業分析和比較各種評價方法的優點和缺點，這是確定報價估值方法 - 實物期權。

關鍵詞：newotcbb；新第三板；實物期權

外文原文（字符數17168）：

Research on Value Assessment Methods of the NEWOTCBB Listed Company

Abstract

With the constant improvement of our multi-level capital market, the new third board which is specifically for high-growth high-tech non-listed enterprise to transfer stock and finance directionally has gradually become an important part on the capital market. We call it NEWOTCBB. With the growing of the new third board, system constantly improving and financing constantly simplifying, it is of great significance for the small and medium-sized enterprise development. As an investor, having a correct understanding to the value of the companies in the national equities exchange and quotations can make the right investment decisions. So how to properly assess the value of the new third board companies becomes increasingly important for investors. Different valuation methods have their own characteristics. In this paper, with in-depth analysis of the characteristics of new third board companies enterprises and comparing the advantages and disadvantages of various evaluation methods, it is to identify the quotations valuation method - Real Options.

Key words: NEWOTCBB; The new third board; Real option