The Impact of Asset Appraisal Quality on M&A Premium
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 high-quality development of the Evaluation industry and optimizing the M&A environment.
NETL
NSTL
万方数据
