Research On Valuation Of Value-Added Rate In Mergers And Reorganizations Of Listed Companies From The Perspective Of Related Transactions

In recent years,the rapid development of China's economy has led to the continuous rise of Chinese enterprises.Due to the limitation of enterprise scale and the desire of enterprises for larger scale and higher platform,enterprises in different industries are constantly exploring new ways to obtain larger market scale.In this series of new methods,merger and reorganization has become the trend of expanding the market scale.In the process of merger and reorganization project,the important reference basis of the final transaction price is the evaluation value,and there is also the problem of the evaluation value-added rate involving the enterprise value.In the whole process,there are a lot of factors that affect the evaluation of the value-added rate,and finding out the factors that affect the evaluation of the value added rate of mergers and acquisitions of enterprises plays an important role in the sound development of the industry.In addition,due to the national conditions and the particularity of the market environment,listed companies have more Chinese enterprises restructuring,which will lead to a certain intersection between listed companies and the original enterprises,so on the basis of related transactions to consider the evaluation of value-added rate for the industry research has a certain role.Considering the effectiveness of the evaluation results,this paper selects the excess evaluation value added rate as the dependent variable and mainly analyzes the evaluation value added rate relative to the average level of the industry.Therefore,this paper tries to analyze the relationship between each factor and the value-added rate of excess assessment from the theoretical and empirical perspectives,and finds out the important factors affecting the value-added rate of excess assets in the mergers and reorganizations of listed companies involving related transactions through the method of supporting evidence of practical cases,so as to ensure the rationality of the assessment results.This paper will combine regression analysis and case analysis to study the value added of listed companies' m&a under related transactions.According to the taian m&a database and assets evaluation database,select involved in related party transactions of listed companies in 2014-2019,a total of 549 cases by using the method of data analysis by SPSS.17.0 regression analysis,analysis of fixed assets,intangible assets,the debt-equity ratio,the material assets reorganization,paymentmethod,market environment and the correlation of evaluation methods and evaluation of excess increment rate,and the analysis results as a filter,filter based on the cases,and the case analysis,after filtering is used to verify the feasibility of the experimental results.According to the results of regression analysis,the following conclusions are drawn:(1)the proportion of fixed assets has a significant negative impact on the value-added rate of the excess assessment.(2)Major asset restructuring projects have a promoting effect on the value-added rate of excess assessment.(3)Different payment methods will have a significant impact on the value-added rate of the excess assessment.(4)Different market environments have a significant impact on the value-added rate of the excess assessment.Finally,in view of the existing problems in the asset evaluation and the factors affecting the value-added rate in the merger and reorganization of listed companies,and in combination with the actual situation in China,this paper mainly gives Suggestions from the perspectives of the national government,evaluation agencies and listed companies :(1)positioning government functions and strengthening market supervision.(2)Improve the helping role of intermediaries in mergers and acquisitions.(3)Protect the interests of minority shareholders.There are 7 figures,9 tables and 90 references in this paper.