资产评估质量对并购溢价的影响研究

The Impact of Asset Appraisal Quality on M&A Premium

本文以2012—2021年A股上市公司并购数据为样本,探究资产评估质量与并购溢价之间的关系。研究发现:异常增值率与并购溢价率呈显著正相关,资产评估质量能够在并购重组中发挥信息效应和资源效应,提高资产评估质量能有效抑制并购溢价水平。进一步分析发现,主并企业创新能力对资产评估质量和并购溢价之间的关系具有促进作用,多元化并购则削弱了二者之间的关系。同时,按照主并企业生命周期进行分组回归后发现,当企业处于成熟期时,资产评估质量对并购溢价的抑制作用最明显。本研究丰富了并购重组活动中资产评估机构作用的相关研究,为促进资产评估行业高质量发展,优化并购重组环境提供启示。

This paper uses the merger and acquisition data of A-share listed companies from 2012 to 2021 as a sample to explore the relationship between Evaluation quality and M&A premium.The study finds that the abnormal value-added rate is significantly positively correlated with the M&A premium rate.Evaluation quality can play an information effect and resource effect in M&A,and improving Evaluation quality can effectively suppress the level of M&A premiums.Further analysis reveals that the innovation ability of the acquiring company promotes the relationship between Evaluation quality and M&A premiums,while diversified mergers weaken this relationship.At the same time,after grouping and regression according to the life cycle of the acquiring company,it is found that when the company is in the mature stage,the inhibitory effect of Evaluation quality on merger premiums is the most obvious.This study enriches the research on the role of Evaluation agencies in M&A activities and provides insights for promoting the highquality development of the Evaluation industry and optimizing the M&A environment.