科创板上市公司并购重组交易估值与定价实证研究  

Empirical Research on the Valuation and Pricing of M&A and Restructuring Transactions Conducted by the STRA Market Listed Companies

作　　者：沈琦 李业强 孟博 Shen Qi;Li Yeqiang;Meng Bo(China United Assets Appraisal Group Co.,Ltd)

机构地区：[1]中联资产评估集团有限公司,北京100032

出　　处：《中国资产评估》2022年第8期39-49,共11页Appraisal Journal of China

摘　　要：科创板推出为资本市场的并购重组交易注入新的动能,估值与定价作为并购重组交易的焦点,对于并购重组战略目的的实现,上市公司财务质量的提升,以及股东及投资人利益的保护均具有重要意义。本文以科创板上市公司并购重组交易的披露信息为基础,从整体情况、产业分布、交易要素等角度进行实证分析,进而对交易的估值及对价进行总结,形成关于科创板上市公司并购重组交易对价参考依据、估值或评估方法选择及其增值幅度等方面的实证总结,并结合交易现状提出提升信息披露质量、促进战略性产业并购重组、加强持续性监管、推动专业力量提供估值定价服务等建议。The M&A and restructuring transactions in the capital market has been invigorated since the STRA Market was launched.As a key point in each M&A and restructuring process,Valuation and pricing are of great significance for the realization of the M&A and restructuring transactions strategy,the improvement of the financial quality of listed companies,and the protection of the interests of shareholders and investors.This article explores the potential regulations of valuation and pricing by empirical analysis from the perspectives of overall situations,industry distributions,and transaction factors through the M&A and restructuring transactions information disclosure of listed companies on the STRA Market,And empirically summarizes the pricing references of transactions,the approaches used for as well as the appreciation got by valuation or appraisal of M&A and restructuring transactions conducted by companies listed on the STRA Market.To improve the quality of information disclosure,to promote the M&A and restructuring in strategic industries,to strengthen continuous supervision,and to advance appraisal and pricing services provided by professional institutions are the proposals in light of the current situation of transactions.

关 键 词：科创板 并购重组 估值 资产评估 交易对价 

分 类 号：F270[经济管理—企业管理] F832.5[经济管理—国民经济]