China’s Second Board Market Reorganization Of Assets Revaluation Rate Is Too High And Governance Research

On the basis of the company law requirements, there must be assets assessment before reorganization. At the same time, it is an important reference value in transaction pricing. According to the theory of enterprise value, intrinsic value of the assets based on the future cash flows expected revenue, thus is often valued above m book value.Rationality is that asset appraisal value is the present value of expected returns on assets, with a book value basis of financial statement data determined, does not reflect the future profitability of the asset. General valuation and stock price volatility based on statistical analysis showed that the influence of the valuation of stock price volatility, and compared the NASDAQ index level on the basis of mature growth enterprise Board found that gem index in China in the first place, its high revaluation rate takeovers are common, estimates have seriously deviated from the intrinsic value, systemic risk in the market is too high,restructuring valuation risks to the market.To this end, the purpose of reorganization to the gem market revaluation rate as the main line, using the case study method, network of friends to buy Shanghai Beijing lanxum technology assessment case study: multiplier effect, according to stock market efficiency theory,reorganization of market assessment discusses the gem multiplier effect,causes and control high. Research conclusions showed that: Chinaventure board assessment value-added rate is General exists of, but virtual estimated value-added range significantly above overseas venture board, from NASDAQ index, important index can see, domestic venture board PE, and PB far above abroad of PE, and PB, showed that China Venture Board has valuations partial high of tendencies, reveals has assets assessment value-added rate high of phenomenon; and through collection 2010-2014 venture board restructuring case sample data, from assessment method, soft assets, and interests drive, and assessment industry environment, and Breakdown causes of such verified leads to high revaluation rate, and to focus on the relevant treatment.In this study, described to some extent in the second board market revaluation rate is high in the rearrangement of assets causes and consequences, both from the Government and put forward appropriate recommendations and assess the two policies, the revaluation rate is reasonable, reduced growth enterprise market valuations the market risk is significant.