Research On Application Of Value Multiplier In Market Law Based On Industry Difference

In recent years,China's economy has experienced rapid development.Financial markets have become more and more prosperous under the stimulus of the economy.Property rights trading activities have become increasingly frequent and the asset assessment industry has also developed.Asset valuation methods are divided into income method,market method and cost method.The market method evaluates the market value of the target assets based on the trading operations in the capital market.In today's market-oriented transactions,the market method is an accurate assessment method because of its inherent advantages of “coming from the market and going to the market” and it should be promoted and used vigorously.The core of market method are the selection of value multipliers and comparable companies.Only by selecting suitable value multipliers and comparable companies can the assessment results accurately and effectively reflect the market value of assets.However,in the actual operation of market method,the selection of value multiplier is often focused on the two parameters of price-earnings ratio and market-book ratio,and depends to a large extent on the subjective judgments of the assessors,which leads to an error conclusion of market method.Therefore,the accurate selection of the value multiplier parameter is an important issue in the market research.This article studies the selection of value multipliers from the perspective of different industries.The thesis firstly introduces the research status of domestic and foreign market method,summarizes the relevant concepts and basic theories of market method and value multiplier,analyzes the applicability of commonly used value multipliers.Then establishes a value multiplier selection model.Determine the sample industry and value multipliers and data sources,and then determine the statistical analysis model.Finally,there is an empirical analysis of the value multiplier.From the perspective of different industries,the three statistical analysis models of principal component analysis,partial least-squares regression,and paired T-test are used to calculate the value multiplier that best reflects the company's value in each industry,then verify that the resulting valuation of the value multiplier is valid.Research shows that different industries are suitable for different value multipliers,and the industry value multiplier can more accurately reflect the market value of the company.Therefore,the choice of the value multiplier should be comprehensively considered from both the industry and the company,so that the subjectivity of value multiplier selection in practice can be reduced and the accuracy of the evaluation result can be improved.