大股东资产评估操纵的影响因素研究——基于资产收购关联交易的实证检验

Research on the Influencing Factors of Substantial Shareholders' Manipulation of Asset Revaluation,An Empirical Test of Related Transactions of Asset

并购重组作为资源配置的重要手段,在资本市场上发挥的作用越来越重要,与此同时,并购重组中定价问题一直是各界关注的热点。本文将资产收购关联交易作为研究样本,考察了我国上市公司产权交易中,大股东操纵标的资产定价的影响因素。通过研究发现,大股东的操纵能力、大股东的操纵意愿、评估方法的选择和交易支付方式对大股东的资产评估操纵行为存在显著的影响,而评估机构声誉的影响并不显著。

As an important means of resource allocation, M＆A plays a more and more important role in the capital market. Meanwhile, the pricing in M＆A has been the focus of attention from all walks of life. In this paper, we study the influencing factors of the behavior of large shareholders＇ manipulation in the property right trading of listed companies in China. Through the study, we find that large shareholders＇ ability, large shareholders＇ willingness, the choice of evaluation methods and payment method have significant effects on large shareholders＇manipulation.However, the variable of assets evaluation organization＇ reputation is not significant.