Research On The Valuation Of Listed Companies In China's Securities Industry

As the whole world economy situation become recovery and the interacted development of global financial market become deepen,our capital market is also improving constantly.As an important part of capital market,securities companies also develop vigorously and burst vitality.According to statistics,by the end of December 31,2014,the total assets of 120 securities companies is 4.09 trillion yuan,the net capital is 679.16 billion yuan,the net worth is 920.519 billion yuan,the principal amount of the entrusted management of funds is 7.97 trillion yuan,the custodian of securities market value is 24.86 trillion yuan,the balance of customers’ transaction settlement funds is 1.2 trillion yuan(including credit trading funds).Accompany with industry development,the trading of securities companies has become increasingly active,and the valuation of securities companies is also more and more attracted attention.On the basis of simple exposition of enterprise value assessment theory and method,this paper analyzed the deal cases of securities companies,which are disclosed by listed ones from June 30,2006 to June 30,2014,and summed up the current deficiencies of valuation of securities companies in our country,such as considerate valuation factors without comprehension,the imperfection of the evaluation methods and parameter selection,etc.At the same time,because the application of price-to-book ratio method to securities company valuation is becoming more widely,the author made in-depth studies on the problems that it exists.Then the paper proposed improved suggestions to these problems,and discussed the improved price-to-book ratio method in detail,which added Fuzzy Comprehensive Evaluation Method and Analytic Hierarchy Process(AHP)to evaluating securities companies.At last,this paper used this improved method of price-to-book ration to evaluate the valuation of Shenyin Wanguo Securities Limited by Shre Ltd as the case to further validate and descript the objective rationality of this method.Through this paper study,the author hoped to perfect the enterprise value assessment theory and provide the valuation of securities companies with a new method and useful information for future research.