Determination Of The Specific Risk Adjustment Coefficient In The Enterprise Value Assessment Of Non-listed Company

Under the background of economic globalization, as one of the fittest market competition mechanism, optimize the allocation of strategic resource, maximize shareholder value, the adjustment of industrial structure, rapid expansion of production and capital Mu Rho tau alpha sigma tau iota. Activity is very effective to evaluate the value of mergers and acquisition of enterprises is reasonable and correct can sigma tau kappa alpha, alpha sigma tau ETA Omega. Make a win-win result, with the appropriate method. So using appropriate methods to accurately target enterprise valuation, mergers and acquisitions is a top priority.Business Valuation income method is the application of the most widely used methods. According to "Business Valuation Guidance (Trial)" the provisions of the income business valuation method is a business expected to be evaluated by the income capitalization or discounted value of the object to determine the assessment. However, the discount rate to determine the income approach is one of the difficulties, and the objective of determining the discount rate is critical, minor changes in the discount rate will have a significant impact on the enterprise value of the evaluation results.Since90%of the acquired company non-listed companies, while the discount rate during the reference parameter determination enterprises, listed companies and non-listed companies, due to differences in the size of listed companies, corporate governance, profitability and risk-resisting ability, and need the discount rate is adjusted for non-listed company specific risks. At present the theory and practice of asset valuation did not give an objective and feasible method for determining the specific operating risk adjustment factor. Therefore, the assessment basis for all assets described herein in SEE2014annual www.cninfo.com.cn on disclosure, summarize the non-listed company-specific risk adjustment factor reference factors, multiple linear regression by SPSS and EXCEL software to obtain specific risk adjustment factor of pluralism The regression equation.