未盈利企业如何估值？张晓晶：资本市场必须学会“为未来定价”

Core Viewpoint - The core viewpoint emphasizes the need to enhance the inclusiveness of capital markets to improve future value discovery and pricing capabilities [2][3] Group 1: Challenges for Technology Enterprises - Technology enterprises face significant challenges due to their high risk and uncertainty characteristics, which capital markets can address through risk management, identification, and pricing [3] - Original and disruptive innovation technology companies often lack traditional profit records and performance support, with their value primarily reflecting future growth potential expectations [3] Group 2: Enhancing Capital Market Inclusiveness - The key to enhancing capital market inclusiveness lies in establishing future pricing capabilities to accurately identify the growth potential of original enterprises [3] - Achieving this goal requires dual support from institutional development and professional expertise, necessitating an improved market environment and reliance on professional judgment to build a supportive ecosystem for technological innovation [3]