Research On The Specific Risk Adjustment Coefficient In Valuation Of Non-listed Companies In Game Industry

In the case of major asset restructuring transactions of listed companies in 2017,about 75%of the valuation of the target company adopted the income approach,and the discount rate is an important parameter in the evaluation of the income approach;In addition,in the "Accounting Supervision Risk Warning No.7-Evaluation by Income Approach of Light Assets Companies" issued by the Securities Regulatory Commission in June 2017,it is proposed that the asset appraisers consider the risk factors affecting the specific risk coefficient too simple and lack corresponding evidence when determining the discount rate.In this process,there are more subjective factors;At the same time,the game industry in the light asset companies has a strong transaction demand in the M&A market,but the rationality of valuation results is frequently questioned.In order to reduce the subjectivity of specific risk adjustment coefficient and valuation results,the research question of this paper is how to reasonably determine the specific risk adjustment coefficient in the value evaluation of non-listed companies in the game industry.The research idea of this paper is to divide the factors affecting the specific risk adjustment coefficient of non-listed companies in the game industry into liquidity factors and non-liquidity factors;Secondly,constructing the game enterprise specific risk comprehensive evaluation function,based on the capital asset pricing model theory and combined with the characteristics of the gaming industry by using factor analysis method,so as to be evaluated with the average score of comparable listed companies difference to determine the illiquid factors lead to specific risk adjusted coefficient;In addition,we use a variety of research approaches to determine the specific risk adjustment coefficient of non-listed company in the game industry due to liquidity factors.Through analysis,this paper finally adopted the AAP model and the way of commodity trade discount;Finally,through the analysis of the evaluation case of the equity value of Weiping Technology,the conclusions of this paper are substituted into the case,and the rationality of the determination of the specific risk adjustment coefficient is analyzed.The innovations of this paper are as follows:(1)When determining the specific risk adjustment coefficient of non-listed companies in the game industry,both the liquidity difference of non-listed companies relative to listed companies and the non-liquidity difference factor are considered;(2)When determining the specific risk adjustment coefficient caused by the illiquidity difference factor,this paper considers the general financial indicators,but also based on existing research,the management staff qualifications,degree of dependence on suppliers and customers,and other non-financial indicators are taken into account,in addition,this paper also combines the characteristics of the game industry,incorporating R&D capabilities into the enterprise specific risk assessment system,thereby fully quantifying the specific risk adjustment coefficient of non-listed companies in the game industry caused by illiquidity differences.This paper has the following research findings:(1)The comprehensive specific risk evaluation function of game enterprises is constructed,and it is found that the specific risk adjustment coefficient of non-listed companies in game industry can be determined more reasonably by incorporating R&D capability into it,In addition,the specific risk adjustment coefficients of non-listed companies not only depend on their own operating and financial conditions,but also closely related to the operating conditions and risks of comparable listed companies;(2)Separate equity liquidity discounts on different valuation basis days.And to ensure timely update.It is more reasonable to use AAP models and the way of commodity trade discount to determine the equity liquidity discount of non-listed companies in the game industry;(3)In the assessment practice,it is necessary to build the comprehensive evaluation model of enterprise specific risks according to the characteristics of different industries,instead of applying a unified model.