| Independence is one of the important working principles of the asset appraisal industry,and it is of great significance for ensuring the quality of asset appraisal work.However,it can be seen from the criminal punishment cases that the asset appraisal industry has received in recent years,the independence of the asset appraisal industry has been severely threatened and challenged.Under different evaluation purposes,it is not uncommon for the entrusting party to request the evaluation subject to issue a false evaluation report in order to obtain more profits,which has led to the phenomenon of falsely high asset evaluation appreciation rates in this industry.In order to prevent the entrusting party from using the false asset appraisal report issued by the asset appraisal agency to conduct related securities activities and obtain illegal income,The Securities Law was reviewed again on December 20,2019,increasing the penalties for violations of laws and regulations by the entrusting party and the asset appraisal subject during the appraisal process.The new Securities Law came into effect on March 1,2020.This article attempts to study whether the new Securities Law can significantly reduce the artificially high appraisal appreciation rate and increase the independence of the asset appraisal industry under this background.And on this basis,it is studied whether the appraisal value-added rate is affected by the new Securities Law under different scales of appraisal institutions and different attributes of the entrusting party.In the process of research,this paper uses the website of www.cninfo.com.cn to manually collect the value-added rate of assets in the year before and after the implementation of the new Securities Law,that is,from March 1,2019 to March 1,2021.Besides,the relevant financial data are obtained through the Wind database.Finally,1496 pieces of valid data are obtained.Firstly,through the regression of the total sample to explore whether the implementation of the new "Securities Law" can significantly reduce the evaluation value-added rate;secondly,the total sample is divided according to the scale of the evaluation institution to obtain two groups of data,and the two groups of data are regressed and compared.Whether there is a significant difference in the regression coefficients of the two groups of samples to explore whether the appraisal value-added rate of small appraisal institutions is more affected by the new Securities Law;finally,the total sample is divided according to the company nature of the entrusting party to obtain two groups of data.The two groups of data were regressed and compared whether the regression coefficients of the two groups of samples were significantly different to explore whether the new "Securities Law" was more affected when the entrusting party was a non-state-owned enterprise.Finally,this paper draws the following conclusions:(1)It is found that after the implementation of the new "Securities Law",the relevant asset appraisal appreciation rate will be significantly reduced.(2)Judging from the size of asset appraisal institutions,small-scale appraisal institutions are more affected by the implementation of the new Securities Law,and the related asset appraisal appreciation rate has a more significant reduction effect after the implementation of the new Securities Law.(3)Judging from the corporate attributes of the entrusting party,when the entrusting party is a non-state-owned enterprise,the reduction effect of the relevant asset appraisal appreciation rate after the implementation of the new Securities Law is more significant. |
