The Study On Factors Of Asset Appraisal Deviation Rate In Merger And Acquisition Of Electric Power Enterprises

With the deepening of economic system reform,the reform of state-owned enterprises is advancing steadily,and the distribution of state-owned capital is also undergoing strategic adjustment.M&A(Merger and acquisition)activities of power enterprises will become more common.Furthermore,"The thirteenth Five-Year Plan" calls for speeding up the opening of competitive businesses in natural monopoly industries such as electric power,and feedback on prices of competitive links.These policies will directly affect the M&A of China's power enterprises.It is an important problem that how to effectively and fairly enhance the vitality of state capital and introduce non-state capital to participate in the reform of electric power enterprises,which attracts the focus of governments and public.The price of merger and acquisition have a higher likelihood to lead to unfair price,the lost of state-owned assets and the impairment of the interests of relevant stakeholders.The appraisal price provided by the asset appraisal agency can provide accurate and reasonable reference basis for the transaction price of M&A.It can not only help both sides of the transaction to make decisions,but also help the public and government regulatory departments to judge the rationality of the transaction price.However,how to judge and improve the accuracy and rationality of the valuation results so as to provide truly valuable reference information has become a very important issue in the field of power enterprise merger and acquisition and asset appraisal.The deviation rate of asset evaluation is the main basis for the accuracy and rationality of the results of asset evaluation,and it is also one of the most comprehensive and technically difficult problems in asset appraisal.Therefore,the research on the influencing factors of the deviation rate of asset appraisal in the merger and acquisition of power enterprises can provide important references for the judgment of the accuracy of the appraisal results,enriching the theoretical research of asset appraisal,and promoting the development of the appraisal industry towards a higher level.Presently,there are few literatures on the deviation rate of asset valuation in mergers and acquisitions of power enterprises.Based on the existing papers,the paper considers the impact of different evaluation time points before and after the introduction of Asset Assessment Law,and further subdivides the electric power enterprises according to the characteristics of the electric power industry itself.There are ten factors being researched in the paper,the proportion of fixed assets,intangible assets,net assets scale,debt-equity ratio,ownership concentration and different evaluation method,the timing,industry segmentation,evaluation methods,affiliated transactions and evaluation institutions.Thepaper focuses on the deviation rate of asset appraisal value and clarifies the basic theory,using the empirical analysis method to discuss the related content of the deviation rate of asset appraisal involved in the merger and acquisition activities of power enterprises.On the basis of relevant theories,the paper collected the data between 2012 and 2017 of electric power enterprise M&A and assets assessment,through the cross of the finishing to analyze the characteristics and trend of asset appraisal deviation rate electric of Chinese power enterprise mergers and acquisition.The influence factors of deviation rate can be divided into objective factors and subjective factors to study.According to the different characteristics of objective and subjective factors,the paper constructs a multiple regression model to analyze quantifiable factors.As for the factors that cannot be quantified,the paper adopts the non-parametric test method for empirical analysis.The empirical results show that the proportion of intangible assets,the ratio of liabilities to equity and equity concentration are positively correlated with the deviation rate of net assets.The valuation method and the valuation institution have a significant impact on the deviation rate of asset appraisal in the M&A of power enterprises.The empirical study on the influencing factors can provide reasonable reference standards for power enterprises to determine the price of M&A transactions.