信息化建设与资产评估质量——基于股权收购资产评估数据的研究  

The Informatization Construction and Asset Appraisal Quality——An Analysis Based on Asset Appraisal Data of Equity Acquisitions

作　　者：李小荣 万钟 LI Xiao-rong;WAN Zhong

机构地区：[1]中央财经大学财政税务学院 [2]中财-中证鹏元地方财政投融资研究所 [3]清华大学经济管理学院

出　　处：《财务研究》2022年第2期68-80,共13页Finance Research

基　　金：国家自然科学基金面上项目(71972192);教育部霍英东教育基金会资助项目(161077);中国资产评估协会重大课题项目(20192020)。

摘　　要：本文利用2014-2017年上市公司股权收购资产评估数据,研究资产评估机构信息化建设对评估质量的影响,结果发现,评估机构信息化支出与异常增值率显著负相关,并且信息化支出的三个分项支出即硬件及软件支出、技术开发和技术培训支出、其他信息化支出都对异常增值率有显著抑制作用,说明评估机构信息化建设有助于提升评估质量,且不同类别的信息化支出均在一定程度上发挥了作用。异质性检验结果表明,当采用收益法评估、评估机构声誉较高、上市公司为非国有控股时,评估机构信息化建设对降低异常增值率的作用更显著。上述结论经过一系列稳健性检验依然成立。本文丰富了中介机构信息化建设相关研究,证明了资产评估机构的信息化建设是提升评估质量的重要因素,为进一步以信息化引领和开创资产评估行业发展新局面提供了启示。Based on asset appraisal data of equity acquisitions during 2014-2017,we examine the impact of informatization construction of asset appraisal institutions on appraisal quality.We find that the informatization expenditure,as well as its three sub-items(i.e.,the hardware and software expenditure,technology development and technical training expenditure,and other informatization expenditure),are all negatively correlated to the abnormal value-added rate,indicating that the informatization construction of appraisal institutions leads to the improvement of appraisal quality,and three types of informatization expenditures all play a certain role.The heterogeneity analysis shows that when adopting the income method,the appraisal institution has higher reputation,or the listed company is a nori-state-owned enterprise,the informatization construction has a stronger negative impact on the abnormal value-added rate.Our main conclusion still holds after a series of robustness tests.Our research enriches the literature on the informatization construction of intermediary institutions,proves that the informatization construction of appraisal institutions plays an important role in improving the appraisal quality,and provides enlightenment for the future development of appraisal industry in the trend of informatization.

关 键 词：资产评估机构 信息化 评估质量 收益法 股权收购 

分 类 号：F275.5[经济管理—企业管理]