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On the asset evaluation poor quality Game Analysis and Countermeasures

Author: DanYiBing From: www.yourpaper.net Posted: 2010-06-07 18:58:02 Read:
Paper Keywords: assessment of the quality of customer evaluation organizations responsible for monitoring a game
Abstract: asset appraisal quality problems the troubled asset evaluation industry in China and healthy development of the focus of the problem, there are many factors affecting the asset evaluation quality. In order to effectively address the quality of our asset evaluation is generally not high status, you need a deep level analysis of the root cause of cause of poor quality of our asset evaluation. This paper intends to use game-theoretic analysis of research on this issue in order to find the underlying causes affecting the quality of our asset evaluation, and countermeasures in accordance with the result of the game analysis.
I. Introduction
As an objective assessment of the value of the assets, property rights on the market price scale and trading standards of professional services intermediaries, asset evaluation industry Since its inception, has been widespread concern in the community. After nearly 20 years of development, China's asset evaluation industry is gradually moving towards the market, and played an important role in the promotion of asset flows and property transactions, optimize the allocation of resources and the protection of the legitimate rights and interests of the various types of property rights. In recent years, however, whether it is relevant government authorities to the public, generally the quality of the practice of the asset evaluation industry in China expressed concern about the asset evaluation agencies of irregularities in the evaluation process, the results of the assessment unfair happened frequently, the quality of assets assessment low has become the focus of the problem in China's asset evaluation industry healthy development.
Second, the game between the customers and the assessment agencies analysis
Assets assessment of the market, between clients and asset evaluation agencies entrusted with the fiduciary relationship. In this relationship, the customer care is whether the results of the assessment to meet their own needs in order to derive maximum benefit and tend to influence the assessment agencies assess assessment agencies according to their wishes; assessment agencies in the impact of customer pressure will be a corresponding trade-offs to meet customer special requirements for illegal operations gains and thus may be regulatory department of the size of the damage, and make illegal practice of choice. In this way, the level of quality of asset evaluation to a large extent depends on the results of both customers and assessment agencies in the course of the game "bargain" ability and game.
1 game analysis of the basic assumptions. In order to better analyze the game between the customers and the assessment agencies affect the quality of the assets assessment and then seek the root causes of and countermeasures It is assumed that:
(1) of the participants of the game only two customers and assessment agencies, the two sides have made it clear in the game in which the position and the other behavioral strategies own. As "rational economic man", the choice of all their behavioral strategies in order to realize their own interests are maximized.
(2) both players are only two strategies to choose from: Customers can choose to influence the assessment agencies to make the assessment agencies assess according to their wishes, or does not influence assessment agencies; assessment agencies you can choose to meet customer requirements for illegal practice or adhere to the illegal practice.
(3) between the client and the assessment agencies to make strategic choices have priority. Customers looking assessment agencies, customers first evaluation agencies influence or no influence on the strategic choices, the rating agencies on the basis of the strategic choices of the customers weigh the pros and cons, and make strategic choices to maximize their own interests.
(4) If the customer influence assessment agencies, customers can always reach their own purposes, and derive excess returns e (e> 0). Current assets assessment of the market of insufficient effective demand state assessment agencies for illegal operations to meet customer requirements, the customer will replace the assessment agencies, and certainly can be found under the premise of not more than pay the cost of assessment can succumb to institutions. At this time, the rating agencies If you choose to carry out illegal operations, can get excess returns h (h> 0), if not illegal operations, customer replaceable not get any revenue.
(5) If the customer does not evaluate institutions influence, will only be able to get the normal income of k (k> 0). At this point, the rating agencies If you still choose to carry out illegal operations, cost savings due to the illegal operations, you can get excess returns of m (m> 0), if not illegal operations, due to the strict implementation of operating procedures, can only get s (S0 ) normal income.
2 game model and equilibrium analysis. Based on the above assumptions, the game between the model expression between the client and the assessment agencies strategic portfolio return and customer assessment agencies are as follows:

It can be seen that the customers choose whether or not influence evaluation institutions and evaluation institutions to choose whether or not illegal practice of decision-making, strategy combination. Both players will choose the most favorable to their own strategy for the customers, regardless of the assessment of whether the illegal practice, he will influence the assessment agencies strategy, because customers thus obtained is greater than the absolute income (e 10 k) select the strategy assessment agencies do not influence the gains k; assessment agencies, regardless of whether the customer to influence the assessment agencies, the optimal choice of the assessment agencies are illegal practice because the assessment agencies thus obtained income the gains of the year must be greater than choose not to carry out the illegal practice strategies (a h s> s is m s> s).
H 10 s> m ten s (according to previous assumptions, including not only the assessment of institutions as a result of the amount of the illegal operations cost savings m include illegal operations to close due to meet customers' needs to customers to the amount, that is, h> m), when the customer evaluation institutions to influence, the rating agencies more power to illegal practice. In this way, the game between the customers and the assessment agencies will eventually form such a state of equilibrium that influence customer assessment agencies, the rating agencies in the customer under the influence of illegal operations, and of Asset Appraisal dry so the quality is definitely low.
Extended Analysis and Enlightenment. From our current situation, assess the environmental conditions of the market is relatively poor (mainly for the assessment agencies are more numerous but the scale is generally small, insufficient effective demand of the evaluation of the business to assess the building of professional ethics and industry legislation to regulate lagging behind ), the game process of the customers with the assessment agency, the rating agencies impact customer pressure generally take the attitude of compromise, to meet customer requirements, that assessment agencies affect the affordability of customer pressure is relatively weak. According to game theory, if the change affect the game all strategic options, the original game equilibrium will be broken and are likely to form the equilibrium we expect, which is problem-solving ideas. For example, at the same time increase the penalties for breaches of the assessment agencies jointly and severally punish customers can change the assessment carried out illegal operations, illegal operations stakes contrast, changing customer evaluation institutions reflecting pressure does not evaluate institutions to exert pressure affect the stakes comparison, the final customer impact assessment agencies thereby affecting the results of the assessment of this phenomenon have some suppression.
The game between the assessment agencies and regulatory authorities
Asset evaluation process, the regulatory authorities and assessment agencies is a supervisory and regulatory relations. Assessment Agency regulatory authorities are mainly two aspects of government regulators and industry self-regulatory associations, regulatory authorities in the regulatory process for the ability to find violations of the assessment agencies is uncertain, asset valuation level of quality to a large The extent depends on the efficiency of supervision of the regulatory authorities, that regulatory authorities are careful monitoring and evaluating whether the behavior of the illegal operations is the result of the game between.
1 game analysis of the basic assumptions. In order to better analyze the game between the assessment agencies and regulatory authorities how they affect the quality of the assets assessment and then seek the root causes of and countermeasures It is assumed that:
(1) the game only two participants, regulatory authorities and assessment agencies, the two sides have made it clear in the game in which the situation and the other behavioral strategies on their own. As "rational economic man", the choice of all their behavioral strategies in order to realize their own interests are maximized.
(2) both players are only two strategies to choose from: assessment agency can choose to carry out the illegal practice or adhere to the illegal practice, regulators can choose to regulate the assessment agencies or institutions to assess Do not regulate.
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