Valuation Of Non-listed Companies

The most important issue in the development of China's private economy,especially non-listed companies,is the difficulty of financing small and micro enterprises and the problem of expensive financing.The state has also taken corresponding measures against the financing problems of non-listed companies.In 2003,the "New Third Board",a national non-listed company's equity trading platform for small and medium-sized enterprises,was formally established and became the main way to finance non-listed companies.On November 5,2018,President Xi announced the establishment of the "Kechuang Board" at the opening ceremony of the first China International Import Expo and conducted a registration system pilot program to provide a platform for equity listing and trading for companies based on technology and innovation.Therefore,research related to the valuation of non-listed companies has aroused widespread concern in all sectors of society.Since listed companies can publicly issue shares to raise funds,the market has a relatively perfect valuation method.Non-listed companies,due to their poor market liquidity,often become a neglected part of the company's valuation.The theoretical research on the valuation of its equity value at home and abroad is not comprehensive.Due to the different characteristics of the industry and background,the non-listed company has different valuation backgrounds and assumptions.Therefore,the starting point and the applicable method model are different in the valuation.The estimation and adjustment process of the parameters are very different.Research on non-listed companies has not formed mature and universally applicable theories and models,especially in terms of method selection and parameter adjustment.This article takes YX Mining Co.,Ltd.as an example to study the problems encountered by non-listed companies in the valuation process,and tries to find ways to solve these problems.The research method used in this paper is case analysis.Based on the research theory of valuation of non-listed companies at home and abroad,YX Mining Co.,Ltd.is used as an example to carry out the actual valuation operation,and the valuation method,market method and asset-based method are used to estimate the existence of the valuation process.Problems and try to find ways to solve them.The key issues encountered during the valuation process are as follows.First,the relevant information and information required for valuation are difficult to obtain.Second,the valuation parameters are difficult to accurately measure and forecast.Third,the non-listed companies lack liquidity.Fourth,the valuation methods and systems of non-listed companies are not perfect..Finally,based on the above four points,the corresponding views and suggestions are put forward.The following shortcomings exist in the research process of this paper.First,due to the limited professional level of the author,the asset evaluation process does not meet the professional requirements.The valuation process is not as detailed and rigorous as the practice work.The data processing is not comprehensive and perfect,so the estimation of the parameters is not accurate.The second shortcoming is that the relevant information and information required for the valuation are incomplete.Since YX Mining Co.,Ltd.is a non-listed company,it has not disclosed relevant information such as financial statements.The author of this article has only obtained financial statements and audit information in recent years,and the data in the 2018 paper creation stage has not been disclosed,so the valuation time can only be closed at the end of 2017,and the timeliness is relatively weak.Thirdly,the references and references to the latest literature in the references in this paper are limited,which is also the shortcoming of this paper.Fourth,this article uses case analysis to analyze the valuation of non-listed companies,and YX Mining Co.,Ltd.does not represent all non-listed companies,and the reference is limited.However,it has certain reference value for cyclical enterprises similar to YX Mining Co.,Ltd.Finally,although this paper puts forward the problems of the valuation of non-listed companies in the actual work,it fails to propose a concrete and constructive solution.