| M&A activity is an indispensable component of the capital market.It has become an important means for many listed companies to expand their business and strengthen themselves.How to ensure the rationality of transaction pricing has become the most concern for both parties and stakeholders,and asset evaluation is particularly important for the evaluation of assets as an important reference for the final transaction price.This paper uses a combination of qualitative and quantitative analysis and case analysis to study the appreciation rate.Firstly,analyze the influence factors of the appreciation rate,and then study the differences on the market reaction of the influence factors,finally get that the differences in appreciation rate and market reaction between the different influence factors through the two cases.At home and abroad,the research on the influencing factors of the appreciation rate is mainly focused on the internal structure of assets,and the research is not comprehensive.And there is very little research on the market response to appreciation rates.So this paper selects 481 cases that are successfully completed mergers and acquisitions in 2013-2016 as the research sample,in the same control variables,study Whether evaluation method,interest relationship,a major asset restructuring,high-tech enterprises,buyer are important factors of the appreciation rate.Then we get that appreciation rate by income method is higher than other methods,and appreciation rate of related party transactions is more than non related party transactions.Secondly,it compares the differences of market reaction between different interest relations and different evaluation methods.Through empirical analysis and case study,we can get the followings:the greater the appreciation rate is,the more positive the market react;the market is more inclined to non related party transactions and income method,the market reaction is more positive in this way. |
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