Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | Wei, Steven (AF) | en_US |
| dc.contributor.advisor | Chen, Te-feng (AF) | en_US |
| dc.creator | Lyu, Ge | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/13709 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | Valuing financial technology (FinTech) firms | en_US |
| dcterms.abstract | This research aims to address the valuation challenges of FinTech firms and bridge the research gaps through two complementary studies. Study 1 examines commonly used valuation methodologies in the FinTech equity research industry, involving 65 equity research reports on 14 FinTech companies across five subsectors. It found that a significant majority, 92.3%, of practitioners predominantly use relative valuation methodologies, comparing firms' value based on valuation multiples like Price-to-Earnings (P/E) ratios. Study 1's findings serve as the basis for Study 2's enhancement suggestions. | en_US |
| dcterms.abstract | Study 2, comprising three sections, develops enhancement suggestions for holistically valuing FinTech companies. Section 1 focuses on relative valuation methodology. An empirical analysis of 30 FinTech firms' stock returns reveals a key insight: revenue growth is the most significant factor influencing FinTech firms' stock returns or valuation growth, underscoring the importance of revenue-driven metrics, like Price-to-Sales (P/S) and Enterprise Value-to-Sales (EV/Sales), when valuing FinTech firms. Section 2 employs intrinsic valuation methodologies, valuing five publicly traded FinTech companies across various subsectors using Discounted Cash Flow (DCF) models. Section 3 proposes enhancements to FinTech firms' management practices and the investment due diligence process. | en_US |
| dcterms.abstract | This research may contribute to several areas: it challenges existing academic findings by highlighting the significance of revenue growth in FinTech firms' valuation, offers comprehensive valuation case study guidance with practical implications, and examines the popularity of valuation practices in the FinTech industry using equity research archival data. | en_US |
| dcterms.extent | 211 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2025 | en_US |
| dcterms.educationalLevel | DFinTech | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.LCSH | Fintech | en_US |
| dcterms.LCSH | Corporations -- Valuation | en_US |
| dcterms.LCSH | Business enterprises -- Valuation | en_US |
| dcterms.LCSH | Financial services industry | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 8213.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 2.72 MB | Adobe PDF | View/Open |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/13709