Recent Development in International Bankruptcy Valuation
The valuation method of bankrupt enterprises in U.S.courts is changing from the traditional discounted cash flow method to the new market-based method.When the market-based method faces the dilemma of application in bankruptcy judicial valuation,the following three countermeasures should be considered:Firstly,credit spreads rather than stock price should be used as market evidence.Secondly,utilize the complementary advantages of the discounted cash flow method and the market-based method.Thirdly,carefully consider the weighting of different valuation methods and the trade-offs between expert opinions.The transformation of judicial valuation technology in bankruptcy cases not only provides inspiration for judicial valuation in China,but also reveals the latest development of international bankruptcy valuation.
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