出具并购重组估值报告的动因研究——来自调查问卷的证据

Motivation for Valuation Reports in Mergers and Acquisitions: Evidence from Questionnaires

2014年年底证监会颁布第109号令对《上市公司重大资产重组管理办法》进行了修订,正式将估值报告引入并购重组市场,这一制度变迁必然对资本市场产生重要影响。本文利用调查问卷调研并购重组中出具估值报告的动因。研究发现:(1)对于评估机构而言,程序与法规受限因素是影响评估机构出具估值报告的主要动因。项目因素、机构因素、报告差异形式和监管因素也会影响评估机构选择出具估值报告;(2)对于非评估机构而言,机构因素和监管因素会影响非评估机构出具估值报告;(3)评估机构和非评估机构评估从业人员出具估值报告动因存在一定差异。此外,本文还调研了评估机构由于程序与法规受限因素而出具估值报告的具体情形以及其他特殊情况。进一步研究表明,工作年限和评估师身份对评估从业人员出具估值报告具有重要影响。本文在研究的基础上提出了估值报告发展、估值执业和行业监管的建议。本文丰富了金融中介判断、监管套利和并购重组领域的研究,对估值市场健康发展和行业监管具有重要意义。

By the end of 2014,the Chinese Securities Regulatory Commission issued Decree No.109 and revised the"management measures of major asset restructuring of listed companies"to introduce valuation reports into the M&A market,which would have an important impact on the capital market.The paper uses questionnaires to assess the motivation of appraisal reports in the M&A market.Through the study,the paper finds:(1)For the appraisal agencies,the restriction of procedures and regulations is the main reason that affects the issuance of valuation reports.Project factors,institutional factors,reporting variances and regulatory factors also affect the selection of valuation reports by appraisal agencies.(2)For the evaluation agencies,project factors and regulatory factors also affect the selection of valuation reports.(3)The reasons of valuation reports issued by appraisal agencies and non-appraisal agencies are different.Furthermore,the paper gains specific forms of restrictions on procedures and regulations and other special forms.What’s more,the length of service and the identity of the assessor have an important impact on the valuation report.Based on the study,the paper provides some suggestions on the development of valuation reports,valuation operation,and the industry supervision.The paper enriches the research in the field of financial intermediary judgment,regulatory arbitrage and merger and reorganization,which is of great significance to maintain the stability of financial market and the healthy development of valuation market.