Study On The Appraisal Theory Of Company's Equity Value And Its Positive Analysis

In recent years, with the development of securities market in our contury, equity evaluation becomes more and more important and wide in asset appraisal. From the sale of the state-owned enterprises, equity and co-partnership joint venture, bankruptcy and reckoning, merger and acquisition, to the analysis of the invested enterprises true value, and all kinds of assets trading for the different investor, every activity is involved in equity evaluation.Firstly, the thesis begins with characteristic of equity value, influential factors and valuation theory of equity value. According to analyzing and summarizing equity trading market, the thesis considers all-around effect factors and designs to base on the regression model of market approach in equity pricing. The author probes its application in the experience of practice of equity pricing for the listed company of agriculture. Secondly, because equity value can estimate the future income capable value of company, Beginning with the three parameters that the net cash flow, the discount rate and years of the income, the author makes use of direction analyzing approach to forecast of the net cash flow and gives the ways of the other two parameters. At the same time, the thesis probes its application in the experience of practice of equity valuation for the listed company of agriculture and demonstrated the approach's operation and practicability. Finally, the thesis analyzes value discrepancy about negotiation and no negotiation of equity. It has some discount to compare no negotiation to negotiation. The discount rate is ascertained by trading mode and market scale of no negotiation equity etc.The thesis' conclusion perfects value appraisal theory. It has value of reference for the establishment of asset appraisal regulations and appraisal practice.