| Mergers and acquisitions is the eternal theme in the capital market, is the enterprise rapidly expand production scale, is the capital centralization and promote optimal allocation of resources, is the important way to realize the objective of enterprise external growth.Merger,and acquisition activities of related party transactions has caught the attention of the social people from all walks of life, shall be investigated for their root causes, often because the opportunism behavior of listed companies, namely, big shareholders abuse and earnings management. Asset evaluation as a core part in Mergers and acquisitions activities, the fairness is very important. because the evaluation industry in our country at present there are still some itself is difficult to solve the problem, the result will inevitably affected by large shareholder restructuring motivation. Based on the assets evaluation as the research subject, hence trading assets quality, a comprehensive large shareholders’ impact on the asset evaluation for what reason.This article selects 2010-2013 Shanghai and shenzhen A shares of merger, acquisition and reorganization activities relating to the assets evaluation for initial samples of listed companies, By assets relative to the flow of the listed company assets into listed companies in and buy the assets of listed companies. According to trade with the listed company of the object can be divided into big shareholder,general related party and the related parties. First through the description of the data classification statistics and independent sample T-test to investigate asset appraisal trade in different direction and hence significant differences between the transaction object. By comparing the related parties, it is concluded that major shareholders do have the phenomenon of manipulation of the assets assessment results In order to determine what is the motivation for the large shareholders to assess the impact of value-added rate during 2010-2012, by selecting the sample the sample, through the collection of M &A activities before and after four years(three years) of the rate of return on net assets, Tobin Q, the flow ratio of 14 financial indicators using factor analysis method, inspection before and after the merger and reorganization of the company the performance, and then to judge on the transaction when the assets quality.Through the comparison of the listing Corporation and non related party value-added rate in M & A activities and assets quality, in-depth study of large shareholders on the value-added rate affect the assets evaluation motivation.The empirical test, draws the following conclusion : Listing Corporation with non related party transactions, through the buy high quality assets, sell cheap inferior assets to change the comprehensive level of performance, the company and, in the 1-2 years after the merger, the comprehensive performance of the company has improved obviously. Listing Corporation and large shareholder trade, will choose to non fair price of bad assets, to sell high-quality assets, seemingly in the comprehensive performance of M & A activity when the company has been significantly improved,the major shareholder of the use of association to help listing Corporation achieve earnings management. Theactual is the major shareholder of listing Corporation through bad into good,manipulation of the assets assessment results as a means of expression, the use of relative to the placement of inferior assets may be slightly high price, relative to the output device of high-quality assets slightly lower pricing conduct follow-up interest. On the whole, 2010-2013 this four years of big shareholders mainly for violating the motivation effect valuation increment ratio. |
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