Enterprise Value Evaluation In Securities Enterprises

With the development of the socialist market economic system continuously improved, in accordance with the laws of the market economy, more and more enterprises, the securities market has become more and more mature, the enterprise merger and acquisition behavior that does not seek, and accompanied by the acquisition of is the need for a reasonable assessment of the value of the enterprise in merger and acquisition.In China there is a mix of traditional manufacturing enterprises and the methods for evaluation of the securities industry, the phenomenon, and the choice of the evaluation method, the cost method because of its simple calculation method is easy to obtain, is frequently used parameters. But the securities company is also a traditional industry, has its own characteristics, use the traditional method can’t lump together. In practice, the application of income approach in the assessment of enterprise value is less, this paper attempts to use the valuation of Shenyin Wanguo Securities Co., ltd.. Therefore, triggering the thinking to the assets appraisal industry enterprise application specific.The first part of this paper, the significance of this article and the background has made the elaboration, has practical significance for evaluation of mergers and acquisitions in the securities company value. Then lists the domestic and foreign literature review on this subject and the structure of the article and to solve the problem and make a brief description.The second part is the merger and acquisition, asset evaluation, mainly introduces the important role of the basic theory of mergers and acquisitions, asset evaluation and basic knowledge in enterprise merger and acquisition of assets evaluation.The third part introduces the present situation of the securities industry, enterprise value evaluation, and made a brief introduction to the securities market in our country. This part mainly is the groundwork for below.The fourth part is the valuation method of securities company, introduced the basic idea of the four methods and their advantages and disadvantages.The fifth part selected in M&A on the eve of the SW Hong Yuan Securities as a case, the application of the income approach to assess the value of the company in the securities industry. The rational use of Shenyin expected return on equity cash flow to calculate the SW valuation date of the total equity value.The sixth part has carried on the summary to the full text, and put forward some assets assessment better service evaluation in securities company value proposition.