Research On The Valuation Of ZX Securities Company Based On Relative Value Method

Since the 90s of last century,China's securities industry has gone through nearly thirty years of development,although it begin a little late,but the increase is extremely rapid.At present,China has the Shanghai Stock Exchange and Shenzhen Stock Exchange Board trading center,small board and gem exchange,the company shares transfer system(the new board),China Equity Trading Center(four boards),a number of private equity quotation system of securities exchange,which is not the same size,can achieve the rights and the creditor's rights financing and trading.As the sponsor of company stock,bond issuance and listing of the securities company and the main underwriter-role contributed to the counseling companies to enter the capital market financing transactions,company information more transparent,more dispersed equity,mergers get more convenient.At present,most securities companies have realized the stock market,and the securities company shares changes to the very important role in the whole stock market influence,which in 2015 China's stock market bull market is from the securities sector shares rose to.Therefore,it is of great significance to study the valuation of securities companies in our country.This paper makes a explicit explain to the concept,content,effect,operation process and common methods of the value evaluation of the company as the theoretical basis of this study.Through comparative analysis,we choose the comparable companies and estimate the value of ZX securities by using the two methods of price earnings ratio and market rate under the relative valuation method.The conclusion of the evaluation is compared with the price per share of the company through the comparative analysis.Finally,it analyzes the risks in all phases of ZX securities valuation,and illustrates the precautionary measures.This paper hopes to use the relative value method of ZX securities company through valuation,and finally compare the results,for the value of China's securities brokerage company to provide a reference.