Evaluation Of Equity Investment Value Of State-owned Enterprises Under The Background Of Mixed Ownership Reform

As one of the important basic elements of asset appraisal,the value type is an important factor that determines the appraisal result.Through reading and analyzing the asset evaluation reports of the existing mixed-ownership reform of state-owned enterprises and relevant literature,it is found that market value is generally adopted as the value type of enterprise value evaluation in the asset evaluation of the mixedownership reform of state-owned enterprises.However,to activate state-owned assets,strategic investors in the mixed-ownership reform can generally produce a positive synergistic effect with the target enterprises.Therefore,the number of qualified investors is often limited and it is difficult to form sufficient market competition.In this case,market value is still used as the evaluation basis,which may lead to the undervaluation of enterprise value and the difficulty in effectively satisfying the price determination of M&A transaction.Hope that through the analysis of relevant literature,this paper clarifies the concept of market value and investment value and the applicable scope,set up an investment value evaluation model,for the mixed-ownership reform of state-owned enterprise assets evaluation,and bring forward comments and Suggestions.Firstly,this paper studies the current situation of asset appraisal practice in the mixed-ownership reform and proposes that investment value should be selected as the value type in the mixed-ownership reform with the purpose of strategic synergy.Secondly,based on the theory of enterprise investment and merger and the theory of investment value,the composition of investment value is discussed.Combined with previous studies,it is proposed that investment value should include not only market value but also collaborative value.The evaluation model of investment value is constructed.To get a more reasonable synergistic value;Finally,the two parts are summed up to construct the evaluation model of equity investment value.In case of selection,this article chooses Hillhouse capital acquisitions of Gree electric appliances 15% equity trading as a case study.Firstly,the synergistic effect in the case is identified,and then the investment value evaluation model is used to evaluate the equity in the transaction,and the parameters in the option model are blurred with the uncertainty index of China’s economic policy.The evaluation results are compared with the actual transaction price,and the differences are analyzed and explained.Then,the rationality and applicability of using the investment value as the reference for the transaction price are illustrated from the perspectives of the reaction of the capital market to the transaction,the optimization of the channels after the mixed-ownership reform,and the acquisition cases in the same industry.Finally,the conclusion is drawn that in the evaluation of SOEs’ mixed-ownership reform,value types should be reasonably selected according to the purpose of mixed-ownership reform.In the M&A with strategic synergy purpose,the conventional thinking should be broken away from and the evaluation and application of investment value should be increased for specific investors.To sum up,this paper contributes to the success of introducing high-quality strategic investors to the mixed-ownership reform of state-owned enterprises,maintaining and increasing the value of state-owned assets and facilitating the mixed-ownership reform of state-owned enterprises by establishing an investment value evaluation system that is more in line with the needs of the mixed-ownership reform of state-owned enterprises.