Study On Liquidity Discount Rate Of Restricted Shares Based On Option Model

In recent years,the number and proportion of restricted shares in China's capital market have shown an increasing trend.Listed companies transfer restricted shares in the form of agreement transactions or auctions or through the mortgage or pledge of restricted shares.The case is also increasing year by year.In this era,it is especially important to conduct scientific and objective evaluation of the value of restricted shares,and it also poses new challenges to the evaluation practice.At present,the assessment practice has not formed a complete theory and practice for the evaluation of the value of restricted shares.The method still needs some supplement and improvement.In view of this,this paper aims to provide new ideas and options for the valuation of restricted shares by conducting in-depth theoretical research on the liquidity discount rate of China's restricted shares and combining the actual situation of restricted shares in the information technology industry.This paper studies the liquidity discount rate of restricted shares.The paper is divided into six chapters.Firstly,this paper sorts out the domestic and international research on the liquidity discount rate of restricted shares,and summarizes the research content and the research methods used.Then,the paper discusses the value of restricted shares and liquidity.Relevant concepts such as liquidity discount rate are defined.On the basis of defining the concept,the related theories of liquidity value and liquidity discount rate are elaborated and analyzed,and the theoretical basis for the next research is completed.In the following,this paper analyzes the losses caused by the lack of liquidity in the holding restricted shares,and on this basis explains the principle of applying the option to determine the liquidity discount rate of the restricted shares,and The principle of applying three different options and their corresponding pricing models to practice is discussed.Finally,this paper introduces three different option models into the IPO restricted stocks and the private placements and restricted sales in the information technology industry.In the application of the liquidity discount rate,the validity of the option model to determine the liquidity discount rate of restricted shares is verified.Line a detailed analysis.After the research,it is found that the option model can effectively determine the liquidity discount rate of restricted stocks,but the conclusions of different option models are quite different.The improved option model based on the LBP option model and the AAP option model explains the liquidity discount rate of the restricted stocks better than the conclusions obtained through the traditional option model,which makes the results easier to understand and more accurate.