中文摘要：

本文针对创业板企业的特点,探讨了传统估值方法对创业板企业的不适应性;借鉴实物期权理论中二叉树期权定价模型,构建了适合创业板企业价值评估的模型。最后,通过实例论述了如何应用该模型评估企业价值。

英文摘要：

According to the characteristics of enterprises from growth enterprise market（GEM）,this paper finds that the traditional evaluation method is not suitable for them.And then it uses the binomial option pricing model based on the real option theory to set up an value evaluation model for enterprises from GEM.Finally,it illustrates how to apply the proposed model to evaluate the value of enterprises through a example.