摘要
随着并购活动的日益活跃和资本市场的不断完善,资产评估定价为并购定价提供价值参考意见的可靠性值得关注。笔者尝试利用商誉这一会计变量,从长期角度考察资产评估定价的市场反应,为资产评估定价的准确性研究提出了新的思路,并以此考量资产评估定价在资产重组中的作用,有利于资产评估行业技术和监管水平的提升。笔者利用87家中国上市公司2007—2011年并购重组活动中的经验数据,研究了并购重组活动中评估定价的准确性问题。首先,笔者对并购重组的成交价格与评估定价之间的差异进行了描述性统计分析,结果发现评估定价与成交价基本吻合,评估定价也越来越成为并购重组定价的参考依据之一而被交易双方所接受;其次,笔者又运用"合并商誉"这一企业并购重组中所产生的会计资产项目间接考察评估定价的股票市场反应,结果表明相比成交价,评估定价更为资本市场所接受,它为交易提供了公平合理的咨询价格,具有一定的准确性。
With increasingly active Merger and Acquisitions transaction and perfecting capital market, the reliability of valuation result playing as the basis of trading price should be concerned. The authors tried to test on the market reaction to valuation result in M＆A activity by means of an accounting variable goodwill in a long-term angel. They put forward a new way to study valuation accuracy, which can test the importance of valuation in M＆A and improve the technique and supervisions of asset appraisal industry. This article discusses valuation accuracy of 87 Chinese listed Companies in their M＆A transactions. Firstly, the paper presents the descriptive statistic about the little differences between the valuation and trading price in M＆A transactions and it proves that valuation is accepted as benchmark by two parties to the transactions. Secondly, the paper explains market reaction to the valuation of M＆A transactions with the help of accounting variables consolidated goodwill, the empirical result shows that the market acceptes valuation rather than trading price and valuation has it＇s own accuracy.
出处
《中央财经大学学报》
CSSCI
北大核心
2015年第9期55-62,共8页
Journal of Central University of Finance & Economics
基金
北京注册会计师协会
北京资产评估协会专门委员会及秘书处课题研究项目"高新技术企业价值评估中beta系数的分行业影响因素及预测研究"(项目编号:2014pg01)
关键词
并购重组
评估定价
成交价
估价准确性
市场反应
Merger and acquisitions Valuation Trading price Valuation accuracy Market reaction
