Research On Optimization Of XX Company Value Evaluation Market Method Based On Grey Correlation Model

With With the sustained and healthy development of China's market economy and the continuous improvement of the socialist market economy system,more and more companies are adopting mergers and acquisitions to improve their competitiveness and maintain market share in order to promote industrial restructuring.The enterprise value appraisal business that comes with it also continues to grow,and asset evaluation,as an important link in mergers and acquisitions and reorganization,has become extremely important.The fast-growing evaluation business and the relatively backward and outdated evaluation methods of the evaluation industry form a sharp contradiction.The market method is one of the three major methods of enterprise value assessment.The core step is to select a comparison company.The market method requires comparable companies to have a certain degree of similarity.There is no relevant standard for the selection of comparable companies.Subjective experience,therefore,market law is used less frequently in domestic assessment matters.In the application of market law,the selection of comparable companies is usually based on past evaluation experience,so the evaluation results will be affected by subjective factors.At the same time,with the rapid development of the Chinese economy and the continuous development and improvement of the securities market,the number of comparable business transactions has continued to increase,and the conditions for applying the market law have gradually matured.Compared with the income method and the cost method,the market method is oriented to the open market.It is easier to obtain all the indicators used in the evaluation process,and the evaluation process is easy.Therefore,the market method has a lot of room for development in China.According to the evaluation principle of the market law,it can be known that it has a certain "grayness" itself.This "grayness" is based on the selection process of the reference company and the adjustment process of the price multiplier.This article is devoted to establishing a set of objective theoretical models that can measure the degree of correlation between enterprises,which can eliminate the subjective factors of assessors in the selection process of comparable companies to a certain extent in order to optimize the market law.In the pharmaceutical industry,23 companies are selected as candidate comparable companies and their 17 indicators are used as influencing factors.Based on the indicators of each company,the similarity between the 23 candidate comparable companies and the target company is calculated through the gray correlation model.And selected the four companies with the most similarity: Xinlitai,Pianzaiyu,Hualan Biological,and Tibet Pharmaceutical as comparable companies;the company's value was evaluated using price-earnings ratios and profitable price multipliers such as NOIAT,EBIT,and EBITEDA.Contrast and analyze the reasons for the differences between the evaluation results and the traditional evaluation results,which proves the feasibility of the gray correlation model in the market method.