An Analysis Of The Influencing Factors Of The Differences Between Enterprise Value Evaluation And Transaction Price In The M&A Of Listed Companies

In M&A and restructuring transactions,the valuation provided by the asset appraisal agency becomes an important basis for transaction pricing.There is usually a gap between the enterprise value evaluations and transaction price.This difference may have potential motives such as profit transfer,and the rationality of the difference between the two is conducive to the assessment industry to correctly play its consulting role in the process of mergers and acquisitions.Therefore,this article uses a combination of empirical research and case studies to study the influencing factors of the difference between the enterprise value evaluation and the transaction price.Under the premise of theoretical analysis of M&A and asset evaluation,this paper selects the deviation rate to represent the difference between the enterprise value evaluation and the transaction price.Taking the case of successful M & A and restructuring of listed companies in China from 2014 to 2018 as the research object.The data of the asset evaluation section and the M&A and restructuring section of the CSMAR database are collated,and samples with missing indicators are excluded.On this basis,we use the Mann Whitney U test method to analyze the differences of six factors,such as association relationship,sector factor,transaction scale,transaction position,evaluation method and payment method.And K-S test and K-W test are used for robustness analysis respectively.And then,this article selects five sets of cases related to five significant factors,and further verifies the above empirical analysis conclusions from both qualitative and quantitative aspects.Finally,on the basis of empirical analysis and case analysis,specific suggestions are put forward.The study found that the relationship,market factor,transaction status,evaluation method and payment method have a significant impact on the difference between the enterprise value evaluations and the transaction price.And the transaction scale has no significant effect on it.Among them,the deviation rate of related-party transactions is smaller than that of non-associated transactions;the deviation rate of the main board market is smaller than that of non-mainboard markets;the deviation rate of nonpurchaser parties is smaller than that of buyers;in the evaluation method,the deviation rate of the asset-based method is smaller;in the payment method,the deviation rate of stock payment is smaller.In view of the above conclusions,suggestions for improving the guiding principles of the evaluation method,optimizing innovative payment methods,and improving the internal quality control system of the evaluation are proposed from the three perspectives of regulatory authorities,listed companies,and evaluation agencies and personnel.The paper has 2 picture,34 tables and 69 references.