企业价值评估中股权缺乏流通性减值折扣研究

Research on Equity Illiquidity Discount

股权缺乏流通性对其本身价值有减值影响这一结论已被一些国外著名研究结论所证实。在国内，目前尚没有这方面的研究理论公开发表。作者通过介绍１９９９年以来对我国法人股的交易案例的研究，证实缺少流通性对股权有减值影响这一结论在我国同样适用。文中还给出了作者在业务实践经验基础上总结出的估算缺少流通性折扣率的初步估算思路和方法。

Equity depreciation due to illiquidity has been proven by overseas research. Internally, there is no study coming out. Through case study on Legal Person Share from 1999, the author confirmed the existence of depreciation of illiquid equity. Further, they introduce the methodology to educe the discount rate of depreciation.