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Study on the Application of Market Method in Business Valuation

Author: WangZuo
Tutor: JiangZuo
School: Dongbei University of Finance
Course: Financial Management
Keywords: Business Valuation Market Method Efficient Market Hypothesis Investor Sentiment
CLC: F272
Type: Master's thesis
Year: 2011
Downloads: 505
Quote: 1
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Abstract


Business valuation theories have formed a perfect and mature concept and method after a long period of development, and were widely used in the areas of IPO, mergers and restructuring in developed countries. Currently, there are three basic valuation methods:the income method, market method and assets method. Market method is the most frequently used method in developed countries’ valuation practice. But in China, assets method and income method used more frequently than market method, there are large difference between China and developed countries.As a mature method, it is a researchable issue to discuss why market method can’t widely use in China. This thesis is written in this context, and tries to analysis how to use market method in China properly.In theoretical terms, this thesis analyzes the application term of market method, it can not only helps people understand well the relationship between market method and its application prerequisites, but also helps appraisers deeply grasp the mechanism of the market method, the meaning of parameters, as well as various assessment models, and helps people understand markets method well on the level of theory.In practical terms, this thesis bases on China market development status, reference advanced experience of using market method in developed countries, and make some recommendations in practice, it can not only expanded applied ratio of market method in business valuation, but also rich valuation methods, improve rationality and reliability of business valuation.From the perspective of investor sentiment and capital market efficiency, this thesis explores their impact on market method. Because data that support the conclusions of market method are from capital market, the reliability of data and information directly affects the reliability and rationality of valuation conclusions. Behavioral finance believes that investor sentiment on capital market would make stock prices deviate from its value, and China’s stock markets primarily made up by individual investors, this situation significantly magnified the impact of investor sentiment-whether from descriptive statistics or empirical research results, this situation of price deviate from its value in China’s capital market is long-term and widespread. This thesis came to the conclusion of China’s capital market efficiency is low. Market inefficiencies affecting the reasonableness and reliability of valuation conclusions, and appraisers prefer to select more reliable and trustworthy evaluation method in their course of practice. At the end of thesis, there are some suggestions that based on our market development situation.This thesis includes 7 parts:Chapter I is introduction, focuses on research contents and background, methods of research, and review of related literature; chapter II describes the basic principles of business valuation and market method. Considering that market methods has been widely used in developed countries and its completeness in theoretical, we can prove the correctness of market method model, the main reason that limit the application of market method is on the rationality of parameters. chapterⅢdescribes the current application status of market method in our country, and discusses three anomaly phenomenon in China’s capital market. Because market method use data from capital market, chapterⅣand chapter V discuss the issue from the perspective of investor sentiment and capital market efficiency: under the influence of investor sentiment, China’s capital market efficiency is low, this situation restricted the rationality of valuation conclusions; According to China’s specific national conditions, chapterVI put forward several suggestions for improvement. ChapterⅦsummarizes this thesis.This thesis analysis the problems of using market method in practice, and make a number of recommendations on this. However, business valuation is a subject that integrated lots of disciplinary; there are plenty of problems in theory and practice that need further study.

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