Research On Valuation Of Non-Vlisted Corporate Equity Based On Intellectual Capital

As the economic market becomes increasingly active, there being more and more corporate equity value assessment practices. The corporate equity value is determined by the overall value of the enterprise when the constant value remains unchanged. Thus, the intellectual capital is not only a major source of corporate value, but also that of corporate equity value. In addition, due to the traditional evaluation methods cannot asses the equity value of non-listed companies, this paper discusses the assessment ideas of equity value of non-listed companies based on intellectual capital.This paper reviewed the concept and the main elements and the main measurement methods of intellectual capital, it also reviewed the concept of equity valuation and the traditional assessment methods of it. Obviously, the traditional assessment methods cannot asses the equity value of non-listed companies. Subsequently, this paper discusses the value creation path of intellectual capital and the methods of value creation by each element. After that, this article constructed the evaluation process of the equity value of non-listed companies based on intellectual capital. Then, the listed companies in China's electronics industry are used as research samples to carry out the empirical test. Finally, the equity value of Beijing BOE Display Technology Co.,Ltd. which is a non-listed company is assessed by using the empirical results.The main contribution of this paper is verified the feasibility of the evaluation process of the equity value of non-listed companies based on intellectual capital and provides a new idea for other assessment fields. The main limitation of this paper is the unreliability of theoretical and empirical results. Therefore, the possible future research directions are to broaden the research about enterprise value creation mechanism of intellectual capital and make in-depth study to improve the assessment of ideas.