Study On The Optimization Of The Evaluation Of Enterprise Value By The Comparative Method Of Listed Companies

With the continuous and stable development of Chinese market economy,the transactions of companies such as initial public offerings,mergers and acquisitions and capital increase and share expansion are gradually increasing,leading to the increasing demand for enterprise value evaluation,and also putting forward higher requirements for the rationality and reliability of asset evaluation methods.There are three main methods to evaluate enterprise value: market method,income method and cost method.Among them,the market method is the enterprise value assessment method with fewer restrictions and easy to understand by both sides of the transaction,which is closest to the market value.In the evaluation practice,the market method mainly applies the comparison method of listed companies,which is also the focus of this paper.Due to the continuous development of the capital market,the property rights transaction system and information disclosure mechanism are increasingly standardized,the applicability of the market method is also increasing.However,the research finds that the application of the market method in the enterprise value assessment practice is still low.There are few theoretical studies on market method,especially on comparative method of listed companies.There are few theoretical studies on market method,especially on comparative method of listed companies.By searching the academic achievements related to market method in the database of CNKI from various angles,this paper finds that there are few literatures on the market method.Therefore,this paper chooses the comparison method of listed companies to optimize the research,in order to improve the relevant theories of the comparison method of listed companies,and enhance the reliability of the application of this method in the evaluation practice.Based on the above research background and purpose,firstly,this paper reviews the domestic and foreign research literature,and expounds the basic ideas,applicable premise and relevant basic theories of the comparison method of listed companies.Secondly,it analyzes the evaluation steps of the existing listed company comparison method and its application status and difficulties in the practice of enterprise value evaluation.Thirdly,this paper focuses on the theory of optimized comparative method of listed companies and uses quantitative statistical methods,including using entropy weight method to screen and establish the evaluation index system of comparable companies,using grey correlation analysis method to determine comparable companies,using correlation analysis method to select and modify the value multiplier,in order to evaluate the value of enterprises more objectively and accurately.Finally,This paper chooses Joyoung Shares as a case for application analysis and compares the evaluation results and process of the existing listed company comparison method and the optimized method to verify the reliability of the optimized listed company comparison method.Conclusion: The limited application of the comparative method of listed companies in the practice of evaluation is due to the existence of the subjective choice of comparable companies,the single choice of value multiplier and the subjective revision of value multiplier;By using entropy weight method and grey correlation analysis method to select comparable companies,the evaluation index system of comparable companies can be established more accurately and the comparable companies can be selected more objectively;The use of correlation analysis method not only can effectively solve the problem of single choice of value multiplier,but also can further optimize the comparative factor analysis method,so as to improve the accuracy of value multiplier correction;The case analysis of Joyoung Shares verifies the reliability of the optimized comparison method of listed companies,which can be applied to the practice of enterprise value evaluation in the future.