Market Reaction Of Asset Valuation Appreciation Rate

With the rapid development of capital markets, asset transactions between enterprises occur more frequently. Valuation and pricing are the two most important trading core part. Due to the constraints of the market environment, in practical work, assess valuation is usually used as the main basis for pricing purposes, therefore, the accuracy of the assessed value is extremely important. As we can see, asset valuation in China started late, the research of valuation appreciation rate is relatively lagging behind. Based on the theoretical analysis of valuation appreciation rate, this paper made the exploratory response to valuation appreciation rate research, and select two typical cases aiming to help the research, and we analyzed valuation appreciation rate divergence of the between different transactions under different trading case in response to market rates. In order to improve the valuation theory further and make a useful exploration to the research.In this paper, we list systematically of the theory of markets and the asset valuation of listed companies and literature of those. It turned out that the found literature study on the market reaction is very mature, but relatively empirical research on the asset valuation is very rare. In the empirical research, we selected Shanghai and Shenzhen Stock Exchange disclosure of asset evaluation report of listed companies as a sample from 2010 to 2014, according to different trading conditions, we made valuation appreciation rate into several groups to make deeper study. The study found:The greater the valuation appreciation rate of valuation report, the market react better; furthermore, investors prefer that non-related trading conditions, valued by the first ten assessment agency, using the income approach to get the results of the valuation report, such valuation will make more optimistic market reaction.