关联交易动机、资产评估质量与评估师独立性：基于供求理论视角

In recent years, demand of assets valuation has been exploding that related parties of listed companies demand, but valuation quality is dissatisfactory, and it opens to question that researchers measure valuation quality by ratio of value adding in China. So it is necessary that we research on valuation quality. The project researches on motivation of related party transactions, assets valuation quality and valuer independence, and it includes some contents as follow: firstly, the projet reviews papers about valuation quality, analyses practical situation of valuation industry development and its regulation and discusses actual situation and instituational changes of regulation of related party tractions of listed companies in China, secondly, it defines and measures valuation quality based on asset concept and theory of intrinsic value, measures valuer independence by value fee, and regards the theory of supply and demand as the theoretical basis and theoretically studies relations amang motivation of related party transactions, assets valuation quality and valuer independence, thirdly it researches relations amang motivation of related party transactions, assets valuation quality and valuer independence by the method of case study and empirical approach, lastly it concludes all findings and provides policy proposal. The project will find true and critical reasons that valuation quality is generally not high. Not only it will provide valuable evidences of understanding actual situation of valuation quality and valuer independence and relations amang motivation of related party transactions, assets valuation quality and valuer independence, but also the research will provide policy proposal of establishing and prefecting assets appraisal standards, regulating valuer's behaviour and listed companies and their related parties. The project will also guide research on assets valuation quality and valuer independence.

近年来，我国上市公司相关方对资产评估需求爆炸性增长，而资产评估质量堪忧，且以评估增值率计量资产评估质量值得商榷。本项目基于资产定义和内在价值理论，以评估报告的业绩预测与关联交易后资产实际业绩差异界定和计量资产评估质量，以评估收费与评估增值之比超过同期同类资产评估相应变量均值的程度来计量评估师独立性，以供求理论为基础，从供求双方视角理论分析关联交易动机和评估师独立性对资产评估质量的影响。在理论分析基础上，案例和实证研究关联交易动机、资产评估质量与评估师独立性。本项目研究可以发现我国资产评估质量普遍不高的关键的、真正的原因，为全面认识我国资产评估质量、评估师独立性现状和关联交易动机、评估师独立性对资产评估质量的影响提供有价值的证据，为制定和完善评估准则、规范评估师的执业行为和公司的关联交易以及关联方行为的监管提供有价值的政策建议，也为我国资产评估质量和评估师独立性的研究提供研究理论和方法指导。

随着我国资本市场的发展，上市公司对资产评估需求越来越多，但资产评估质量整体堪忧，因此研究资产评估质量具有重要的现实意义。项目组首先收集资料、建立数据库，其次理论研究资产评估供求关系对资产评估质量的影响，最后案例研究和实证研究关联交易动机、评估师独立性与资产评估质量的相关性。. 项目组基于资产定义和内在价值理论，以评估报告的业绩预测与关联交易后资产实际业绩差异界定和计量资产评估质量，以评估收费与评估增值之比超过同期同类资产评估相应变量均值的程度来计量评估师独立性，以供求理论为基础，从供求双方视角理论分析关联交易动机和评估师独立性对资产评估质量的影响。在理论分析基础上，案例和实证研究关联交易动机、评估师独立性与资产评估质量的相关性。研究发现，关联方为了某种目的向上市公司输送利益，则会低估置入资产的价值，导致资产评估质量低；关联方为了掏空上市公司，则会高估置入资产的价值，也导致资产评估质量低；关联方为了产业整合，则置入资产评估质量较高；同时评估师独立性与资产评估质量正相关；但未发现评估收费与评估质量的显著相关性。. 本项目研究结果发现了我国资产评估质量普遍不高的关键的、真正的原因，为全面认识我国资产评估质量、评估师独立性现状和关联交易动机、评估师独立性对资产评估质量的影响提供有价值的证据，为制定和完善评估准则、规范评估师的执业行为和公司关联交易以及关联方行为提供有价值的政策建议，也为我国资产评估质量和评估师独立性的研究提供研究理论和方法指导。