Fair valuation pricing survey, 17th edition, executive summary
公允价值定价调查，第17版，执行摘要
Aligning technology, risk management, and opportunity in the valuation process
在评估过程中调整技术、风险管理和机会
Our 2019 survey shows investment firms are focusing on private equities, refocusing on the connection between valuation and liquidity, and may be moving too slowly when it comes to adopting advanced technologies.
我们2019年的调查显示，投资公司正专注于私募股权，重新关注估值与流动性之间的联系，在采用先进技术方面可能进展太慢。
Introduction
介绍
THE 17th annual Deloitte Fair Valuation Pricing Survey (FV survey) revealed an industry that is evolving on a variety of valuation-related topics, including valuation policies and procedures, both general and specific to various types of investments, as well as valuation governance, use of technology, internal controls, and valuation risk management. Throughout the FV survey, the following emerging and maturing industry trends are discussed:
第17届德勤公平估值定价调查（FV调查）揭示了一个行业正在就各种估值相关主题发展，包括各种投资的一般和具体估值政策和程序，以及估值治理、技术使用、内部控制，以及评估风险管理。在FV调查中，讨论了以下新兴和成熟的行业趋势：
Investment companies are continuing to explore the use of technology in the valuation process. However, they have not widely adopted advanced technologies such as robotics process automation and artificial intelligence in the valuation process, as technological gains have generally been limited to more basic use cases. We believe that additional gains exist in untapped places.
投资公司正在继续探索在估值过程中使用技术。然而，由于技术成果一般局限于更基本的用例，它们在估值过程中并没有广泛采用机器人过程自动化和人工智能等先进技术。我们相信在未开发的地方会有额外的收益。
The formation of liquidity committees is refocusing attention on the connection between valuation and liquidity. Understanding how to capture and share information relevant for the daily undertakings of those in the front office, liquidity risk management, and the valuation function may be the next step.
流动性委员会的成立，使人们重新关注估值与流动性之间的联系。了解如何获取和共享与前台人员日常工作、流动性风险管理和估值功能相关的信息可能是下一步的工作。
Private equity securities continue to be a large part of mutual fund holdings, with 59 percent of survey participants indicating that they hold private equities. Opportunities to standardize the valuation model process and enhance the control environment may free up the board agenda and management time.
私募股权证券仍然是共同基金持有的很大一部分，59%的调查参与者表示他们持有私募股权。规范估值模型流程和改善控制环境的机会可能会释放董事会议程和管理时间。
Valuation governance trends continue to focus on upfront risk discussions with management, proactive inquiry and reaction to real-time valuation events, and the streamlining and automation of valuation board reporting.
估值治理趋势继续侧重于与管理层进行的前期风险讨论、主动调查和对实时估值事件的反应，以及估值委员会报告的精简和自动化。
Slow adoption of technology provides for future opportunities
技术的缓慢采用为未来提供了机会
Last year's FV survey revealed that many investment managers were exploring the use of technology in their valuation process. We incorporated several questions into this year’s survey to gain an understanding of whether that exploration had expanded. The FV survey results suggest that investment managers continue to explore which types of technologies are useful (see figure 1).
去年的FV调查显示，许多投资经理正在探索在估值过程中使用技术。我们在今年的调查中纳入了几个问题，以了解这一勘探是否有所扩大。FV调查结果表明，投资经理们继续探索哪些类型的技术是有用的（见图1）。