并购重组中资产评估机构选择存在同行效应吗?

Is There a Peer Effect in the Selection of Asset Assessment Institutions in Mergers and Acquisitions?

以2011-2016年以并购重组为目的的资产评估相关数据为研究样本,从同行效应的角度探寻资产评估机构选择行为的影响因素,并进一步考察了产品市场竞争、企业产权、市场化程度以及评估准则出台对资产评估机构选择行为的同行效应的影响。通过实证研究发现:(1)资产评估机构选择行为存在同行效应;(2)被评估公司处于产品市场竞争激烈环境时,资产评估机构选择行为的同行效应减弱;(3)被评估公司是国有企业时,资产评估机构选择行为的同行效应增强;(4)被评估公司处于市场化程度较高的地区时,资产评估机构选择行为的同行效应减弱;(5)企业价值评估准则出台后,资产评估机构选择行为的同行效应增强。丰富了同行效应、资产评估和并购重组方面的研究,对以并购重组为目的的评估业务的评估机构选择和监管具有重要的现实启示作用。

This article uses the date related to asset assessment for the purpose of mergers and acquisitions in 2011-2016 as sample.The article explores the influencing factors of the selection behavior of assessment agencies from the perspective of peer effect and further examines product market competition,enterprise property rights,marketization,and evaluation criteria introduced the influence of the peer effect on the selection behavior of the assets assessment agency.Through empirical research,this article finds that:(1)There is a peer effect of the selection behavior of the asset evaluation institution;(2)When the evaluated company is in a competitive environment of the product market,the peer effect of the behavior of the asset evaluation institution is weakened;(3)The assessed company is state-owned enterprise,the peer effect of the behavior of the asset evaluation institution is enhanced;(4)When the evaluated company is in a highly marketized region,the peer effect of the behavior of the asset evaluation institution is weakened;(5)After the company valuation evaluation criteria are issued,the peer effect of the behavior of the asset evaluation institution is enhanced.This article enriches the research on peer effects,asset valuation,M&A.The article has important practical implications for the selection behavior of the assets assessment agency and supervision of the assets assessment agency for evaluating services for mergers and acquisitions.