Research On The Influencing Factors Of The Value-added Rate Of Assets Evaluation In The Merger And Acquisition Of Listed Companies

Since the 21 st century,China's market economy has continued and developed healthily,and the modern enterprise system has been continuously improved.As an important way to promote industrial restructuring and the transformation and upgrading of listed companies,M&A has always been the most popular theme in the capital market,and is very active in the domestic economic market.At the same time,the asset evaluation,which is the important reference for the final transaction price,has become the core of the asset restructuring of listed companies.It plays an increasingly important role in safeguarding the legitimate interests of both parties and helping enterprises determine the transaction price.However,it is worth noting that the problem of increasing value-added rate in the valuation process of listed companies has also emerged.Therefore,this paper uses the method of qualitative and quantitative research and case support to find out the important factors affecting the value-added rate of assets evaluation in the merger and acquisition of listed companies,so as to ensure the rationality of the evaluation results.First of all,based on the relevant data of Wande and Guotai'an databases,this paper briefly analyses the current situation of mergers and acquisitions of Listed Companies in China and the value-added rate of assets evaluation,as well as the existing problems in assets evaluation;Secondly,the merger and reorganization database in Guotai'an database is compared with the asset evaluation database,and437 transactions successfully completed in 2014-2017 are selected as research objects.Firstly,based on the perspective of internal structure of assets,three independent variables are selected: the proportion of fixed assets,intangible assets and liabilities and equity.Then six independent variables are selected from the external perspective,including the payment method,the transaction section,whether it belongs to high-tech enterprises,the final evaluation method used,whether it belongs to major asset reorganization and the interests of both sides of the transaction.This paper uses SPSS software to study whether the above nine independent variables are important factors influencing the evaluation of value-added rate.The conclusion is that the proportion of fixed assets is inversely proportional to the appreciation rate,the evaluation value-added rate of cash payment is lower than that of non-cash payment,the evaluation value-added rate of high-tech enterprises is higher than that ofnon-high-tech enterprises,the value-added rate of using the income method is higher than that of other methods,the evaluation rate of non-related parties is higher than that of related parties;Then,through two groups of cases,it further verifies the conclusion that the evaluation value-added rate under the non-related party and the income method is high from both qualitative and quantitative aspects;Finally,this paper focuses on the problems existing in the appraisal of assets and the influencing factors of the value-added rate in the M&A of listed companies.Combined with the actual situation in China,it puts forward some suggestions from the perspectives of the national government,listed companies and appraisal institutions.