Research On The Appreciation Rate Of Asset Appraisal In M&A And Reorganization Of Listed Companies

In recent years,the wave of the international M&A,financing M&A and strategic M&A has had a profound impact on China's listed companies.Some companies have sought scale expansion and strategic adjustment in this wave.M&A and reorganization has become the preferred mode for many companies in China to optimize their structure and integrate resources.How to scientifically and reasonably price the M&A assets is the core difficulty in M&A and reorganization.If the pricing is not fair,it will have a large negative impact on the M&A and reorganization market,thus affecting the balanced development of the M&A market.Studying the issue of asset appreciation in mergers and acquisitions to ensure the fairness of asset pricing is conducive to the healthy development of the asset assessment industry.The research focus of this paper is on the factors affecting the asset pricing in the M&A transaction of listed companies in China.The data of the merger and acquisition of the Shanghai and Shenzhen Stock Exchanges are collected through the CSMAR M&A database and the asset evaluation database collected from the Hithink Royal Flush iFinD database.Relevant financial information of the sample listed companies.The software is used to merge and match three different databases through keywords to get a “M&A-Asset Evaluation-Accounting Indicators” database covering more information.Then use the methods of quantile regression and propensity score matching(PSM)to empirically analyze the asset valuation method,related party transactions,whether it constitutes a major restructuring,the nature of the enterprise,the industry and the shareholding structure,and the appreciation of assets during mergers and acquisitions.Quantitative research on the relationship and value-added.Through the multi-dimensional exploration of M&A and reorganization sample data,the three main conclusions drawn in this paper are: First,the frequency and value-added range of mergers and acquisitions of companies in different stages of development and in different industries are different.The frequency of mergers and acquisitions activities in the initial stage and the mature stage is significantly higher than other development periods of the enterprise,and the synergistic effect in mergers and acquisitions is verified.Second,the selected evaluation method is the main factor that leads to the evaluation of M&A and restructuring,and the selection of the income method for evaluation is more likely to lead to asset appreciation.Third,related party transactions and the formation of major restructurings will significantly affect the appreciation of assets.The related transactions will suppress the appreciation of the appreciation,and the higher the value-added rate,the more significant the suppression effect,and the significant restructuring matters will positively increase the evaluation value.The role,which constitutes a major restructuring,will drive up the assessment of value added.Further,using the propensity score matching method,the causal inference is made on the above factors and the asset evaluation and appreciation rate.After all the samples are processed by five different matching methods are used.It is found that the above conclusions are still valid.In order to ensure the robustness of the results,the results of the replacement of the relevant covariates and variables in the first phase are still reliable.Based on the conclusions of this study,it is recommended to further optimize the selection method of evaluation methods,further enrich the information of asset assessment reports,further enhance the information transparency of the evaluation process and further improve the implementation system of all relevant laws and regulations.