期刊文献+

股权流动性折价影响因素的案例分析——美国某保险公司股权价值的评估案例

Case Analysis of the Factors Affecting Liquidity Discount
原文传递
导出
摘要 股权缺乏流动性时的折价,对企业股权价值评估结果的影响往往是很大的。我国目前在这方面的研究还处于探索阶段。本文通过美国税务法庭2002年3月所审理的一宗保险公司股权价值的案例,对影响企业股权缺乏流动性的折价的因素进行了分析,认为影响此类折价率有风险及控制权两个方面的因素,并以此希望能对我国缺乏流动性的股权的价值评估提供借鉴。 Liquidity discount has a great effect on equity valuation. At present, there is not much research on this topic in China. In this article, the author analyzed the factors affecting liquidity discount through a US trial of an insurance company’s equity valuation judged by a tax court, and concluded that risks and control rights are the key factors determining discount rate. Also, the author hoped that this article could give a reference to the research on liquidity discount in China.
作者 万丛颖
出处 《中国资产评估》 2008年第7期5-7,共3页 Appraisal Journal of China
  • 相关文献

参考文献8

二级参考文献48

  • 1Mercer, Z. Christopher, QUANTIFYING MARKETABILITY DISCOUNTS, (Peabody Publishing, LP,Memphis, TN 1997), pp. 15.
  • 2Zhiwu Chen, Peng Xiong, DISCOUNTS ON ILLIQUID STOCKS: EVIDENCE FROM CHINA, Yale ICF Working Paper No. 00-56, September 2001,Yale International Center for Finance.
  • 3Amihud, Y., Mendelson, H., 1989, The effects of beta, bid-ask spread, residual risk and size on stock returns.Journal of Finance 44, 479-486.
  • 4Lippman, S. A., & McCall, J. J., 1986, An operational measure of liquidity.The American Economic Review, 76, 43-55. 175-203.
  • 5刘逖.如何衡量流动性.理论与文献综述.上海交易所研究报告.2002
  • 6吴冲锋,冯芸等.深圳股票市场流动性研究.深圳证券交易所研究报告,2003.2
  • 7许年行.中国股市投资组合规模-风险-收益关系的实证研究.厦门大学硕士毕业论文,2003.4
  • 8杨之曙,吴宁玟.证券市场流动性研究.证券市场导报,2001.1
  • 9Amihud, Y., and H. Mendelson, Asset pricing and the bid-ask spread, Journal of Financial Economics, 1986.17:223-249
  • 10Amihud, Y. Illiquidity and stock returns: cross-section and time-series effects, Journal of Financial Market, 2002.5:31-56

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部