Research On Equity Valuation Of Non-listed Companies

In recent years,private equity fund,as one of the financing methods for enterprises,has played an important role in the adjustment and upgrading of industrial structure,therefore,it has received extensive attention from the industry.In foreign countries,private equity investment is relatively mature in theory and practice,and its operation mechanism is also relatively perfect.Although the development history of private equity investment in China is not long,it has developed rapidly in recent years.Among them,there are many irregularities in the investment operation,especially in the valuation.This is manifested in the fact that many private equity funds ignore the consideration of the fair value of the invested object and only pursue the enterprises with the expectation of listing,which leads to the deviation of the investment price from reality and lays hidden dangers for the post-investment management of enterprises.At the same time,in the process of post-investment management,the valuation results cannot be adjusted reasonably,and there are many cases of failure to exit at the most favorable time for the fund.Therefore,how to value unlisted equity has become a special concern of private equity funds.This paper takes the valuation of unlisted equity investment as the research object,and systematically discusses the valuation of the target company.Company valuation is an important research topic in the company's financial management.Scientific and reasonable valuation results play a key role in whether private equity funds can achieve returns.In the theoretical circle,classical valuation models,such as market method,income method,cost method,etc.,all kinds of valuation methods have their applicability and defects.In practice,subjective opinions and empiricism play an important role in valuation.If this decision is made,investors will be exposed to risks,which will affect the investment effect and even directly lead to investment failure.Therefore,the objective,timely and reasonable evaluation of the value of the invested enterprises has become the heart of private equity investment.With the rapid development of the financial market,the capital market has greatly improved the quantity and quality of accounting information for the private equity fund industry,but the private equity fund industry has not yet formed standardized guidelines for valuation accounting.On the basis of summarizing the traditional valuation methods,this paper holds that the traditional valuation methods have limitations in the valuation process and cannot meet the requirements of private equity fund valuation alone.Based on the introduction of the basic theory of private equity investment funds and various valuation methods,combined with the analysis of private equity fund investment cases,this paper puts forward the conclusion that weighted valuation method is a feasible method.Compared with other methods,the valuation results are more objective and can better meet the valuation needs of private equity fund investment projects.