资产评估师执业经验与评估偏差

Asset Appraiser’s Experience and Appraisal Bias

资产评估是资本市场重要的中介服务行业,但相关领域的研究较为缺乏。本文研究资产评估师执业经验与评估偏差的关系,结果发现,随着评估师经验增长,评估偏差呈“先降后升”的非线性变化趋势,并且这一趋势在评估机构声誉较低、关联交易、委托方为本地客户、采用收益法确定资产价值的情况中更加明显。在评估机构声誉较高、非关联交易、委托方为外地客户以及采用成本法或市场法定价的情况下,评估师经验与评估偏差显著负相关。本文丰富了资本市场中介特征和并购重组领域的相关研究,对资产评估行业加强人才管理和更好服务于市场经济发展具有一定启示。

Asset appraisal is an important intermediary service industry in the capital market,but there is still a lack of related research.This study investigates the relation between the working experience of asset appraisers and appraisal bias.The empirical results show that with the increase of the appraiser’s experience,the appraisal bias presents a non-linear trend of“first decreasing and then increasing”.This relation is more pronounced in the case of low-reputation appraisal institutions,related party transactions,local clients,and applying income approach.In the case of high-reputation appraisal institutions,arm’s length transactions,nonlocal clients and applying cost or market approach,the appraiser’s experience is significantly negatively correlated with appraisal bias.This paper enriches the study of characteristics of market intermediaries,and further improves the literature of mergers and acquisitions.It also has some enlightenment for the asset appraisal industry to enhance talent management and better serve the market economy.