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An Empirical Research On Factors Of The Assessed Value Deviation In Mergers And Acquisitions Of Listed Companies In China

Posted on:2017-02-02Degree:MasterType:Thesis
Country:ChinaCandidate:X B LianFull Text:PDF
GTID:2349330488451306Subject:Asset Assessment
Abstract/Summary:PDF Full Text Request
With the gradual development and standardization of capital market,capital market plays an active role in promoting reform in Mergers and Acquisitions,especially after the split share structure reform,Mergers and Acquisitions activities have become increasingly active,they have become some important platforms in China's economic restructuring and transformation of economic development.An reasonable pricing in assets of Mergers and Acquisitions has become an important issue.Mergers and Acquisitions involve not only the interests of the parties to the transaction,but also relate to the interests of medium and small investors and stakeholders.Asset valuation provides a reasonable basis for reference in the asset pricing of Mergers and Acquisitions,so to explore the factors that influence asset valuation in Mergers and Acquisitions bias can not only enrich the theory of assets evaluation research,but also make it possible for the orderly conduct of economic activity in practice.The paper focuses on the deviation of asset valuation,combining with methods of theoretical and empirical analysis,and discusses the asset revaluation rate issues in Mergers and Acquisitions in Chinese listed companies.And bases on the summarized theory in Mergers and Acquisitions and asset valuation,the paper collected data about Mergers and Acquisitions and asset valuation in China's listed companies from 2006 to2014.Through the cross-analysis,this paper analyzed China's capital market about the revaluation of assets and Features trends,and built a cross-sectional data model to explore the possible factors in the asset revaluation rate in Mergers and Acquisitions,and thus provided an reasonable pricing basis in Mergers and Acquisitions of listed companies.The paper is divided into six parts: The first part is the introduction,mainly introduces the research background and significance of this paper.It also summarizes the research results at home and abroad and illustrates the principles,framework and innovation and shortage of the text.The second part discusses the related theory of asset valuation and Mergers and Acquisitions.The third part expounds China's listed companies' characteristics and trends in Mergers and Acquisitions and asset valuation.The fourth part is the empirical analysis and testing.This part is the focus of this research,which first proposes the empirical hypothesis,and then selects four financial indicators including of the proportion of fixed assets,the proportion of intangible assets,debt to equity ratio and net assets and four qualitative indicators with assessment methods,restructuring methods,related party transactions and ownership concentration and finally builds a sectional regression model about the asset revaluation rates in Mergers and Acquisitions.According to the research,the proportion of fixed assets,netassets and ownership concentration are positively correlated with the total asset value ratio;debt to equity ratio has a negative effect on total asset value ratio;compared to other restructuring methods,total asset value ratio is significantly higher under the asset acquisition method;the total asset value ratio is obviously at a lower level under the use of cost method;the asset value ratio of unrelated party transactions is significantly lower.Part five makes some relevant recommendations.Part six points out the main conclusions and outlook.This part mainly sums up the results of this study and notes the future direction for further research.
Keywords/Search Tags:Listed Companies, Mergers and Acquisitions, Asset Revaluation Rate, Sectional Model
PDF Full Text Request
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