译文（字数 5102）：

摘要

随着我国多层次资本市场，新三板是专为高成长的高科技非上市企业转让股票和金融定向逐渐成为资本市场的重要组成部分的不断完善。我们称之为NEWOTCBB。随着新三板的增长，系统的不断完善和融资不断简化，它是为小型和中小型企业的发展具有重要意义。作为投资者，有一个正确的认识到公司在全国股票交易所和报价的价值做出正确的投资决策。因此，如何正确评估新三板公司的价值成为投资者越来越重要。不同的估值方法都有各自的特点。在本文中，有着深入的新三板企业的特色企业分析和比较各种评价方法的优点和缺点，这是确定报价估值方法 - 实物期权。

关键词：newotcbb；新第三板；实物期权

外文原文（字符数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