Study On Modified Income Approach On The Value Evaluation Of The Shareholders' Equity Of M Co.,Ltd

At present,China has become the second largest economy in the world.In 2018,there are 110.2 million business entities in China's market.Joint venture,state-owned enterprise reform,merger and bankruptcy and other economic behaviors occur frequently.Asset pricing involved in the transaction process becomes more and more important.This paper mainly studies the value evaluation of corporate shareholders' equity,and systematically combs various theoretical views of domestic and foreign scholars on the concept and methods of asset evaluation.In the research of asset evaluation methods,the application of three basic evaluation methods,income method,market method and asset-based method,in the value evaluation of enterprise shareholders' equity is compared and analyzed.Determining the discount rate is one of the difficulties in the application of income method,and the relatively objective discount rate is very important for the objective and fair evaluation results.This paper collects and sorts out all the asset appraisal explanations disclosed by the CSRC in the past year,summarizes the reference factors of the specific risk adjustment coefficient of the company,establishes the further improved theoretical model of the method of determining the specific risk adjustment coefficient in the income method through the method of factor analysis and multiple linear regression,and makes application comparison.Based on the comprehensive theoretical research and practical analysis,this paper introduces the basic situation and macro trend of M company,and evaluates the value of shareholders' equity of the company with asset-based method and improved income method.In the process of evaluating M company's enterprise value with income method,the process of determining the specific risk adjustment coefficient in the discount rate of CAPM model is improved and applied to M company's enterprise value evaluation.The improvement process is to select the publicly disclosed asset appraisal description,extract the qualitative factors that the appraisers consider when determining the specific risk adjustment coefficient in the appraisal description,use the mathematical model to obtain the multiple equation that can determine the specific risk adjustment coefficient according to certain case conditions,and then calculate the specific risk adjustment coefficient of company M,and getting the discount rate of expected return of M company.Through the combination of asset-based method and income method in the process of shareholder equity value evaluation,this paper puts forward suggestions for the development direction of the theory of asset evaluation.