Empirical Research On Assets Valuation Deviation Of Listed Companies In China

In recent years, the asset appraisal civil litigation increased, and evaluation institutionsoften at a disadvantage. Assets evaluation deviation degree is an important reference forthe rationality of asset appraisal, and it caused the focus of the society. At present, theresearch is mainly the application of the theory in the evaluation practice, and thetheoretical system of asset appraisal deviation has not been established. This papersummarized the related theory on the asset appraisal deviation in recent years, and basedon that, using empirical analysis method, it mainly answers why the evaluation results ofthe same assets have big deviation, what are the factors affecting assets evaluationdeviation, and whether China’s assets evaluation deflection has been controlled, in order toprovide a useful exploration for the formulation related to standards of assets evaluation inChina.Firstly, the paper makes a clear definition that asset appraisal deviation refers to thedivision of appreciation of asset appraisal and the adjustment of the book value. Secondly,the paper doses a theoretical analysis of factors affecting assets evaluation deviation. Thenbased on the disclosure of assets evaluation report during2007-2010, the paper analysis theinformation from different angles, and finds that: the assets evaluation deviation decreased.Finally, the paper dose empirical analysis research in order to verify the degree ofexplanation of different factors affecting assets evaluation deviation. This is of top priorityof the paper. This paper reorganizes the data of the four years and combining with therelated theory, proposes several hypothesize. According to the nature of the factors, thepaper uses different testing methods. Using factor analysis model, the paper gets publicfactors, and then based on public factor as the independent variable, the assets evaluationdeviation as dependent variable, the paper uses stepwise regression, gets the regressionequation and has its verification. At last, the paper finds out the empirical explain degree offactors affecting assets evaluation deviation. The other two hypotheses are verified throughthe analysis of variance and the non-parameter test. The key findings are summarized asbelow: the higher the appreciation rate of fixed assets, the higher the intangible assetsappreciation rate,the higher the current assets appreciation rate, the bigger the proportion ofintangible assets, the bigger the proportion of fixed assets in the total assets,and the higherthe debt-equity ratio, the higher the assets evaluation appreciation rate. The proportion ofthe current assets in total assets, the bigger the scale of the enterprise, the lower the assets evaluation appreciation rate.Different evaluation methods,leads to different assetsevaluation appreciation rate,but the valuation date dose not has much influence.