Research On Valuation Of Equipment Assets In Mergers And Acquisitions

With the rapid development of China's economy,the reform policies such as the deepening of the reform of the "supply side",more and more companies began to take to upgrade the industry consolidation and merger,acquisition and reorganization this way,in order to enhance their own competitiveness,better meet their market needs or the boundary of the business.And the asset appraisal which plays an important role in the whole merger and reorganization is getting more and more attention.To do a good JX of underlying asset evaluation is not only beneficial to standardize trade both parties of the merger,acquisition and reorganization,more conducive to promoting the healthy development of capital market in our country,and to standardize the market price system.Especially in recent years,with began on December 1,2016 formally implemented the "asset appraisal method of the People's Republic of China" and come into force as of October 1,2017 formally new assets evaluation criteria,evaluation of personnel assessment,appraisal institution and the industry has put forward the more strict requirements and specifications.Merger,acquisition and reorganization of enterprises in the whole industry,the fixed assets value assessment in enterprise value assessment is still occupied large proportion,especially in the heavy assets,such as manufacturing industry,often to the size of the enterprise value assessment played an important role.It has been widely accepted that assessment is only the professional conduct of asset appraisal institutions.The two sides of the merger and reorganization are only looking at the asset appraisal from their own perspective,which makes the game of the two parties that should exist in the process of transaction advance to the appraisal stage of assets.In order to know the game behavior of merger,acquisition and reorganization of both the impact of the asset value evaluation,this article from the perspective of research,comprehensive theoretical research,adopt the method of empirical analysis of 2014 to 2017,the material assets reorganization of listed companies in China with 895 events are analyzed,the status quo of China's M&A market assessment have a certain understanding and found the problems.Next,based on the device class the application of the fixed assets value assessment practice,on the basis of most of the replacement cost method,in addition to the consideration of three basic substantive,functionality and economy value factors,pioneering will be restructuring restructuring party,party and third party game behavior of the external influence on underlying assets value assessment reasonable quantitative,established a multi-factor comprehensive evaluation model with imperfect information,to provide a convenient for enterprises to use,to provide the reference on the m&a deal pricing device class of the fixed assets value assessment model.Finally,the model in the JX company combined with the actual situation of enterprise assets to computing applications,obtained by valuing assets agv,and believed that the assessment model for evaluating theory research and practical application has operability and scientific.