Research On Equity Liquidity Discount Based On IPO

In recent years,with the upgrading of domestic and international industrial structure,mergers and acquisitions between enterprises frequently.Mergers and acquisitions in the mergers and acquisitions to non-listed companies,therefore,the value of non-listed companies to assess the value of assets to assess the focus of business.In assessing the equity value of non-listed companies,the value of the liquidity discount is involved.At present,the value of corporate liquidity discount is based on the experience of the appraiser,in the industry-owned industry liquidity discount macro data based on the bonus derived.The calculated liquidity discount reflects an industry's comprehensive liquidity discount,but it is difficult to reflect the liquidity discount of a particular company's equity.In fact,the enterprise has a resource endowment,core competencies and operational management level is different,corporate equity liquidity is different.Based on this,this paper,from the perspective of corporate heterogeneity,through the market law to study the relationship between equity liquidity discount and the relationship between the characteristics of enterprises,in order to assess the value of equity in the practice of liquidity discount to provide new ideas,a certain research value and reality significance.First of all,this paper introduces the theory of liquidity,liquidity discount theory and enterprise heterogeneity theory.This paper analyzes the influence of the heterogeneity of the enterprise on the discount of the equity liquidity,and lays the theoretical foundation for the influencing factors of the equity discount of the enterprise.Then choose the method of measuring the equity liquidity discount,using the method of estimating the equity liquidity discount based on the IPO premium.This paper first reviews the traditional method of estimating the liquidity discount based on the IPO premium,taking into account the applicability and limitations of the method.With the Smart Microelectronics equity valuation as a case,the focus is on estimating the Smart Microelectronics liquidity discount adjustment factor.According to the theory of enterprise basic view,the core competence theory and the knowledge basic theory,the eight primary indexes of market environment,asset size,development ability,human resource level,technological innovation and research ability,solvency,profitability and corporate governance efficiency were selected As well as market conditions,total assets,capital intensity,total assets growth rate and other 17 secondary indicators to build equity liquidity discount comparable index system.The principal component factor of the comparable index is obtained by using the principal component analysis method.The multiple linear regression model is used to estimate the value ratio of the Smart Microelectral Equity Liquidity Discount,and then the liquidity discount coefficient of Smart Microelectronics is calculated.The study found that the significant impact factors of equity liquidity discount were asset size,profitability,solvency,technological innovation and R&D capabilities,and development capabilities.After calculation,Smart Microelectronics equity liquidity discount adjustment factor is 59.47%,the enterprise valuation of 80,671,143.23 yuan.Compared with the results of Smart Microelectral Valuation,the difference rate is only 3.77%,indicating that the use of the value ratio to estimate the equity flow discount in the case of Smart Microelectronics in the application of good results.This paper provides a new approach to the value of the equity liquidity discount factor,making the use of market law to carry out equity valuation of the results of more scientific rigor,more convincing...