Abstract: Abstract: This paper investigates the assets evaluation increment rate disclosed by listed companies from 2009 to 2011, and explores the cause of the δ changes from the perspective of the listed companies buy-in and sell-out assets, trading object (large shareholders, generally affiliated companies and non-affiliated companies), and earnings management motivation. Meanwhile，this paper further studies the effect between the large shareholders expropriation motivation or earnings management motivation of listed companies and the assets evaluation increment rate by the Mann - Whitney U testing significant differences between groups of data. The study finds that asset appraisal manipulation phenomenon exist in the listed company assets transactions, and the main reason for the asset appraisal value changes is to underestimated asset value in buy-in transactions for earnings management motivation.