The Choice Of PB Based On Industry Value Multiplier And Its Application In Value Evaluation Of Coal Enterprises

During the two sessions in March 2019,Premier Li Keqiang of the State Council once again regarded beautiful China and ecological civilization as China's environmental protection plan.It is also proposed to strive to build a beautiful home of ecological civilization and put forward specific quantitative targets for pollution prevention and control.Ecological civilization is about the lives of every citizen,and it is also about generations.In recent years,the smog weather has continued to expand,and environmental problems have become increasingly apparent.This is a warning given by nature to the extensive development of society.Under the current trend of promoting energy conservation and environmental protection,the coal industry will inevitably carry out resource integration and increase reorganization,which requires an assessment of the value of coal enterprises.As the marketization process accelerates,the market becomes the best way to determine and verify value.From the perspective of evaluation,the market law is the most understandable and acceptable assessment method in the assessment practice,and China's capital market has now reached a certain stage.At the same time,each listed company has a strict information disclosure system and an information quality audit review system,so the external conditions for evaluation using the market law are basically mature.Of course,choosing the appropriate value multiplier in market law is the key to the application.The theoretical part of this paper first summarizes the research background and significance of this paper.Through the research on related literatures at home and abroad,it is found that the application of the market value in the market value evaluation of the market law needs to be further improved;then the selection is emphasized in the value multiplier model.The two value multipliers of P/E ratio and P/B ratio,through analyzing the industry characteristics of selected companies,choosing the P/B ratio as the industry value multiplier,and systematically analyzing the influencing factors of PB value multiplier;then introducing the main components The analysis and multivariate linear regression analysis are applied in the PB value multiplier,and after a certain coefficient adjustment,the industry value multiplier model is obtained and applied to the enterprise value evaluation.In this paper,the coal-based listed companies that apply to the PB value multiplier are selected as examples.The 16 financial indicators and the P/B ratio of each listed coal company in 2015-2017 are selected for regression analysis,and the average P/B ratio of the coal industry is obtained.Then consider the financial indicators and the volatility adjustment coefficient between enterprises,summarize the industry value multiplier model,and apply it to the enterprise value assessment.Finally,the results are compared with the actual enterprise value and the reasons for the difference in results are analyzed.In summary,this paper mainly analyzes the adaptability of PB value multiplier in enterprise value assessment,and applies it to relevant enterprise value assessment practice,in order to provide empirical support for the application of China's asset valuation market law.Subsequent researchers provide some research ideas.