Analysis On The Influence Factors Of The Difference Between The Assessment Results And The Transaction Price In The M&A And Restructuring Of The Listing Corporation

In recent years, with the advance of domestic economic restructuring and reform of the supply side, China’s stock market listed company mergers and acquisitions transactions rapid development, the number of mergers and acquisitions transactions that occur each year increasing, growing diversity, the amount involved is also growing, gradually become an important means of the strategic adjustment of industrial structure, the listed company survival of the fittest, social optimal allocation of resources. In the mergers and acquisitions business, without exception, will involve asset pricing issues, especially the final transaction price is determined, not only the focus of the entire acquisition process, but also the practical operation of the problem. By analyzing 2010-Listed Companies in China occurred in 2015 and completed mergers and acquisitions activity transactions, mergers and acquisitions found in the case of asset valuation differences between the outcome of the transaction pricing is very common, and the rate of deviation between the two is not all below international assess community given a reasonable range of 15%.Based on the theory of business valuation and transaction pricing theory, this paper researches on the relationship between the theoretical results of the assessment and review transaction pricing to sort, find scholars from both qualitative and quantitative aspects of the relationship between the two was more in-depth study, but the study focuses evaluate the accuracy, reasonableness of the assessment process and other issues, the presence of reasons and factors for assessing the pricing difference between the outcome of the transaction without making too much discussion, especially for the actual situation of China’s listed companies Research carried out a detailed analysis of less.In this paper, China’s listed companies as the research object, select the listed company between January 1,2010 to December 31,2015 and M & A transactions completed events, GTA CSMAR use database, the Shanghai & Shenzhen Stock Exchange website disclosure announcement of the transaction in the valuation result, the final transaction price, the transaction is related parties and other data and information collected. On this basis, the use of descriptive statistics, focusing on factors from the plate, four trading relations, mergers and acquisitions type, payment method and other assessment results and analyze the relationship between the transaction price and summarizes how various factors affect the results of the assessment and the difference between the transaction price. Meanwhile, mergers and acquisitions transactions select typical cases of China’s securities market has recently occurred, further elaboration analyze the impact of each factor. Finally, come up with conclusions and directions for further research to explore.