问询函视角下资产评估问题研究

Study of Asset Valuation Issues from the Perspective of Interrogatories

并购重组问询函能够有效降低资本市场投资者和上市公司之间的信息不对称,是各行业专家基于专业知识和行业经验的判断,有助于提高信息透明度。资产评估专业人员研究问询函中的相关问题,能够挖掘并购价值评估存在的风险点,为其未来承做项目提供有益参考。因此,本文以问询函中关于资产评估的问题为研究对象,归纳和总结问询函蕴含的规律,通过研究发现:交易所提出的资产评估相关问题同时兼具普适性和特殊性,既有宏观的估值合理性问题,也要求分析具体的参数或者特殊事项;收益法相关问题较多,这与采用收益法定价的并购活动多相吻合。资产基础法主要涉及重要资产的合法合规性问题,相关参数合理性问题。市场法因其参数确定存在难度,使其各个参数均会被关注。本文从监管问询视角研究资产评估执业过程中存在的问题,发现存在的规律,提醒资产评估专业人员在承做项目时应关注的重点,这能够有效降低资产评估执业风险,具有重要的现实意义。

The M&A and restructuring inquiry letter can effectively reduce the information asymmetry between investors and listed companies in the capital market,and is the judgment of experts in various industries based on their professional knowledge and industry experience,which helps to improve the transparency of information.Asset appraisal professionals can study the relevant issues in the inquiry letter to find out the risk points of M&A value assessment and provide useful references for their future projects.Therefore,this paper takes the questions about asset valuation in the inquiry letter as the research object,summarizes and summarizes the rules implied by the inquiry letter,and finds that:the questions about asset valuation raised by the exchange company are both universal and special,which include macro valuation reasonableness issues,and also require the analysis of specific parameters or special matters;there are more questions related to the income approach,which is consistent with the fact that the income approach is used in the pricing of many mergers and acquisitions.The asset-based approach is mainly concerned with the valuation of important assets.The asset-based method mainly involves the legal compliance of important assets and the rationality of related parameters.The market approach has difficulty in determining its parameters,which makes all its parameters will be concerned.This paper studies the problems in the process of asset appraisal practice from the perspective of regulatory inquiries,discovers the existence of patterns,and reminds asset appraisal professionals of the key points they should pay attention to when undertaking projects,which can effectively reduce the risk of asset appraisal practice and is of great practical significance.