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.

摘要： 摘 要:本文以2009-2011年披露的已上市公司资产评估报告的资产评估增值率为研究对象，根据被评估的上市公司置入资产和置出资产、交易对象（大股东、一般关联方和非关联）、有无盈余管理动机等方面探究δ异动的原因。本文运用Mann-Whitney U检验等方法判断各组数据间有无显著性差异，深入考察了上市公司大股东侵害动机和盈余管理动机与资产评估增值率之间的关系，研究发现，上市公司资产交易中存在资产评估操纵现象，资产评估δ异动的主要原因在于低估置入资产价值达到盈余管理动机。