Research On Liquidity Discount In Market Value Evaluation Of Non - Listed Companies

Because of the influence of national policy, since 2014, the M&A market increasingly active, the reorganization merger constantly breaktherecord. Assent final price in M&A is based on assessment result which is offered by the asset appraisal agency. Marketmethod as the basic method of assets evaluation is more and more widely used, the determination of parameters in the marketmethod is more and more important. This article mainly study the liquiditydiscount when the market method appraisal non-listed enterprise value evaluation.In this paper, the research of the liquidity discount limit the two constraints, first,regardthe market method as assess way, second, the equity of unlisted companies value as the evaluation object.In previous research, Domestic and foreign experts study how to calculate the liquidity discount of the market and the liquidity discount of the industry,just shows what are the influence factors about non-listed company’sunique liquidity discount inthe marketing method appraisal business valuation, and did not disclose the influence degree of the influence factors on the liquidity discount.In order to solve this problem, based on the analysis of experts and scholars on the previous research, the author thinks that the influence factors of private company liquidity discount is mainly for the market factors, industry factors, company internal factors, and the company internal factors are the main reason for the different company liquidity in the same industry.In this paper, the company internal factors consider from three aspects: the company size, company’s financial health, development capacity. In this paper, industry liquidity discount as the fundamental liquidity discount, using the Analytic Process Hierarchy and Fuzzy Comprehensive Evaluation Method, set up the company internal influencing factors and fundamental liquidity discount range, we can getthe company’s unique liquidity discount. In order to illustrate that assessment system and model, based on the An Xin securities analysis as an example, on the one hand, it can show the liquidity discount level evaluation system model in the practical application, and its feasibility, on the other hand, it also can through the case analysis to explain the rationality of the liquidity discount model in this paper.