Research On The Reasons For The Difference Between Appraised Value And Transaction Price In The Merger And Reorganization Of Listed Companies

With the steady progress of the reform of state-owned enterprises’ share structure,merger and Acquisition recombination plays an increasingly important role in the capital market as an important starting point to realize the reform of state-owned enterprises,and makes unique contributions to the construction of the new pattern of economic development.Asset evaluation is a professional intermediary service industry that serves the development of our market economy,and plays an indispensable role in the merger and reorganization activities of listed companies,which can provide objective and fair value reference opinions for the transaction pricing of enterprises.The transaction pricing of merger and reorganization of listed companies is on the basis of the appraisal conclusion,the result of negotiation game between the transaction parties,the deviation from the appraisal value reflects the acceptance of our capital market to the asset appraisal industry.Therefore,this paper adopts the method of combining empirical research and case study to study the reasons for the difference between appraised value and transaction price.This paper takes the M&A and reorganization cases in the Chinese cap ital market from 2019 to 2021 as the research object and adopts the asset appraisal deviation rate index to conduct descriptive statistical analysis and non-parametric test on the differences between the appraisal value and transaction price under the influence of different factors.Two methods,Kolmogorov-Smirnow and Kruskal-Wallis,are used to test the robustness of the research results.Finally,by selecting merger and reorganization cases in recent years,a comparative analysis is carried out to explain the reasons for the difference between the assessed value and the transaction price,and the final research conclusion of this paper is drawn.In addition,based on the research conclusions and practical experience,this paper puts forward some suggestions for future development.This paper draws the following conclusions: correlation,sector factors,transaction status and payment mode have a significant impact on the difference between assessed value and transaction price.Among them,the deviation rate of connected transaction is smaller than that of non-connected transaction.The deviation rate of the main board market is smaller than that of the non-main board market.The deviation rate of buyers is smaller than that of non-buyers.Of the payment methods,stock payment has a smaller deviation rate.