Research On The Valuation Of The Shareholder's Equity Value Of Ping An

With the deepening of reform,more and more enterprises begin mergers and acquisitions,embarked on the road of diversified operations,and began to tend to the group's overall listing.This paper mainly focuses on the research on the valuation of the shareholder's equity value of Ping An,in order to make a reference for the equity investment of investors,the listed corporation's market value management and the valuation of other diversified business groups.At present,the research on the evaluation of diversified enterprises is mainly based on disaggregated valuation,that is,to valuate the different business units,and then add the total as the shareholders' equity value of diversified enterprise.Through in-depth study of China diversified companies,there are a lot of controversy in disaggregated valuation,that is,information availability restricts disaggregated valuation can be implemented smoothly.At the same time,disaggregated valuation also ignores the integrity of assets between different subsidiary cooperative price value,the large centralized cost,the complex shareholding structure,related internal transactions and other issues,which affect the accuracy of the valuation results.So,the diversified financial services group enterprise,such as Ping An,should be considered as an organic whole,with the aggregated valuation of the Free Cash Flow of Equity Model,and then verify the use of P/B as auxiliary valuation method.At the same time,according to the characteristics of the business diversification and listed A-share and H-share market,this paper analyzes the special selection of comparable companies,putting forward the various business units of the industry to replace the single regression beat,then the beats of Ping An in the A-stock and H-share market based on business weight average values were obtained.In addition,the “risk” of the riskfree interest rate is analyzed,based on the bond interest rates downward and the national credit risk premium.The paper,based on the concept of aggregated valuation,eventually gives the shareholder's equity value in A-share and H-share market with the FCFE model and the P/B valuation method.The evaluation results are analyzed to verify the reasonableness of the valuation,then,give some suggestions for the domestic and foreign investors to choose investment decisions,the managers to make management decision and the assessment division for evaluation method of diversified enterprise.