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The sales comparison approach or market approach is also frequently used in business valuation. The market approach compares the subject to similar businesses, business ownership interests, and securities that have been sold in the market.
销售比较途径或市场途径在企业价值评估中经常使用。市场途径将评估标的与市场上交易的相似企业、企业所有者权益和证券进行比较。
The three most common sources of data used in the market approach are public stock markets in which ownership interests of similar businesses are traded, the acquisition market in which entire businesses are bought and sold, and prior transactions in the ownership of the subject business.
市场途径中最常用的三类数据来源包括相似企业所有者权益进行交易的股票市场、购买和出售整个企业的并购市场和被评估企业所有权权益以前的交易。
There must be a reasonable basis for comparison with the similar businesses in the market approach. These similar businesses should be in the same industry as the subject or in an industry that responds to the same economic variables. The comparison must be made in a meaningful manner and must not be misleading. Factors to be considered in whether a reasonable basis for comparison exists include: similarity to the subject business in terms of qualitative and quantitative business characteristics; amount and verifiability of data on the similar business; whether the price of the similar business represents an arm’s-length transaction.
采用市场途径必须具有与相似企业进行比较的适当基础。这些相似企业应当与被评估企业处于同一产业或处于对相同经济变量产生一致反应的产业。被评估企业与相似企业的比较应当有实际意义，并且不会引起误导。考虑是否具有合理比较基础的因素包括：在企业的数量和质量特征上与被评估企业的相似性；相似企业的数据数量及可验证性；相似企业的价格是否反映了公平交易。
A thorough, unbiased search for similar businesses is necessary to establish the independence and reliability of the valuation. The search should include simple, objective criteria for selecting similar businesses. A comparative analysis of qualitative and quantitative similarities and differences between similar businesses and the subject business must be made.
为保证评估的独立性和可靠性，应当全面地、无偏见地对相似企业进行搜寻。搜寻工作应当设定简单、客观的选择相似企业的标准，并对相似企业与被评估企业在数量和质量上的相似程度和差异程度进行可比分析。
Through analysis of the publicly traded businesses or acquisitions, the valuer often computes valuation ratios, which are usually price divided by some measure of income or net assets. Care must be used in calculating and selecting these ratios. Valuer should make sure that the ratio must provide meaningful information about the value of the business; the data from the similar businesses used to compute the ratio must be accurate; the calculation of ratios must be accurate; if the data are averaged, the time period considered and averaging method must be appropriate; all calculations must be done in the same way for both the similar businesses and the subject business; the price data used in the ratio must be valid as of the valuation date; where appropriate, adjustments may need to be made to render the similar businesses and the subject business more comparable; adjustments may need to be made for unusual, non-recurring, and non-operating items;appropriate adjustments for differences in the subject ownership interest and interests in the similar businesses with regard to control or lack of control, or marketability or lack of marketability, must be made, if applicable.
通过对公开交易企业或并购案例的分析，评估师经常计算各种评估比率，通常是用价格除以一些收益或净资产指标来表示。在计算和选择这些比率时应当保持谨慎，评估师应当确信：比率所提供的与被评估企业价值有关的信息必须是有意义的；用于计算相关比率的相似企业数据必须是准确的；比率的计算必须是正确的；如果所取的数据是平均数，所考虑的时间期间和平均方法必须是适当的；相似企业和被评估企业的所有计算方式应当是相同的；比率中应用的价格数据必须是在评估基准日有效的；在适当的情况下，需要进行数据调整以使相似企业和被评估企业具有更多的可比性；可能需要对非经常性、不再发生的和非经营性项目进行调整；在必要的情况下，需要在控股或非控股、流动性或缺乏流动性等方面，对被评估企业的所有者权益和相似企业的权益进行必要调整。
When prior transactions in the subject business are used to provide valuation guidance, adjustments may need to be made for the passage of time and for changed circumstances in the economy, the industry, and the business.
当被评估企业以前的交易数据被用来作为评估参考时，需要对时间差异和经济情况、产业情况和企业情况的差异进行调整。
本期词汇：
arm’s-length transaction公平的交易
valuation ratios 评估比率
有时也称价值比率，在市场比较途径中往往通过对参照物（企业）的相关数据进行分析后形成一些有意义的价值比率，通常表现为价格（价值）除以某一有意义的指标，与评估标的的相同指标相乘计算评估标的的价值。
销售比较途径或市场途径在企业价值评估中经常使用。市场途径将评估标的与市场上交易的相似企业、企业所有者权益和证券进行比较。
The three most common sources of data used in the market approach are public stock markets in which ownership interests of similar businesses are traded, the acquisition market in which entire businesses are bought and sold, and prior transactions in the ownership of the subject business.
市场途径中最常用的三类数据来源包括相似企业所有者权益进行交易的股票市场、购买和出售整个企业的并购市场和被评估企业所有权权益以前的交易。
There must be a reasonable basis for comparison with the similar businesses in the market approach. These similar businesses should be in the same industry as the subject or in an industry that responds to the same economic variables. The comparison must be made in a meaningful manner and must not be misleading. Factors to be considered in whether a reasonable basis for comparison exists include: similarity to the subject business in terms of qualitative and quantitative business characteristics; amount and verifiability of data on the similar business; whether the price of the similar business represents an arm’s-length transaction.
采用市场途径必须具有与相似企业进行比较的适当基础。这些相似企业应当与被评估企业处于同一产业或处于对相同经济变量产生一致反应的产业。被评估企业与相似企业的比较应当有实际意义，并且不会引起误导。考虑是否具有合理比较基础的因素包括：在企业的数量和质量特征上与被评估企业的相似性；相似企业的数据数量及可验证性；相似企业的价格是否反映了公平交易。
A thorough, unbiased search for similar businesses is necessary to establish the independence and reliability of the valuation. The search should include simple, objective criteria for selecting similar businesses. A comparative analysis of qualitative and quantitative similarities and differences between similar businesses and the subject business must be made.
为保证评估的独立性和可靠性，应当全面地、无偏见地对相似企业进行搜寻。搜寻工作应当设定简单、客观的选择相似企业的标准，并对相似企业与被评估企业在数量和质量上的相似程度和差异程度进行可比分析。
Through analysis of the publicly traded businesses or acquisitions, the valuer often computes valuation ratios, which are usually price divided by some measure of income or net assets. Care must be used in calculating and selecting these ratios. Valuer should make sure that the ratio must provide meaningful information about the value of the business; the data from the similar businesses used to compute the ratio must be accurate; the calculation of ratios must be accurate; if the data are averaged, the time period considered and averaging method must be appropriate; all calculations must be done in the same way for both the similar businesses and the subject business; the price data used in the ratio must be valid as of the valuation date; where appropriate, adjustments may need to be made to render the similar businesses and the subject business more comparable; adjustments may need to be made for unusual, non-recurring, and non-operating items;appropriate adjustments for differences in the subject ownership interest and interests in the similar businesses with regard to control or lack of control, or marketability or lack of marketability, must be made, if applicable.
通过对公开交易企业或并购案例的分析，评估师经常计算各种评估比率，通常是用价格除以一些收益或净资产指标来表示。在计算和选择这些比率时应当保持谨慎，评估师应当确信：比率所提供的与被评估企业价值有关的信息必须是有意义的；用于计算相关比率的相似企业数据必须是准确的；比率的计算必须是正确的；如果所取的数据是平均数，所考虑的时间期间和平均方法必须是适当的；相似企业和被评估企业的所有计算方式应当是相同的；比率中应用的价格数据必须是在评估基准日有效的；在适当的情况下，需要进行数据调整以使相似企业和被评估企业具有更多的可比性；可能需要对非经常性、不再发生的和非经营性项目进行调整；在必要的情况下，需要在控股或非控股、流动性或缺乏流动性等方面，对被评估企业的所有者权益和相似企业的权益进行必要调整。
When prior transactions in the subject business are used to provide valuation guidance, adjustments may need to be made for the passage of time and for changed circumstances in the economy, the industry, and the business.
当被评估企业以前的交易数据被用来作为评估参考时，需要对时间差异和经济情况、产业情况和企业情况的差异进行调整。
本期词汇：
arm’s-length transaction公平的交易
valuation ratios 评估比率
有时也称价值比率，在市场比较途径中往往通过对参照物（企业）的相关数据进行分析后形成一些有意义的价值比率，通常表现为价格（价值）除以某一有意义的指标，与评估标的的相同指标相乘计算评估标的的价值。