国策视点||浅谈资产评估中流动性折扣的应用

Group 1 - The core concept of liquidity discount is the additional cost or price concession required for assets that lack liquidity during transactions, which is crucial for accurately assessing asset value [2][3] - Liquidity discount arises from several factors, including market supply and demand dynamics, transaction costs, and investor preferences for liquid assets [3][4] Group 2 - Liquidity discount plays a significant role in accurately reflecting asset value, as it quantifies potential liquidity risks faced during asset realization [4][5] - Ignoring liquidity discounts may lead to overvaluation of assets, increasing investment risks for investors [5][6] - The introduction of liquidity discounts helps standardize market transactions, ensuring fairness and rationality in asset valuation [6][7] Group 3 - Various factors influence the size of liquidity discounts, including market conditions, asset characteristics, investor behavior, transaction conditions, and macroeconomic environment [8][13] - Market size and activity level significantly affect liquidity discounts, with larger and more active markets typically resulting in lower liquidity discounts [9][10] Group 4 - Different asset types exhibit varying liquidity discounts, with financial assets like stocks and bonds generally having higher liquidity compared to real estate and non-financial assets [15][19] - For stocks, liquidity discounts are influenced by factors such as lock-up periods, market volatility, and trading volume [16][17] - Real estate liquidity discounts are affected by location, usage, market conditions, and transaction costs [19][20][21] Group 5 - Non-financial assets, such as art and antiques, typically have lower liquidity due to infrequent trading and fewer market participants [23][24] - The scarcity and market recognition of non-financial assets significantly impact their liquidity and associated discounts [24][25] - Assessing non-financial assets often relies on expert judgment due to the complexity and lack of standardized pricing [26] Group 6 - Liquidity discounts are essential in asset evaluation, revealing trading activity and realization capability, thus providing critical reference points for investors [27] - The importance of accurately calculating and applying liquidity discounts is emphasized as market economies evolve and asset evaluation techniques advance [27]