基于并购动机视角的并购溢价影响因素研究

The research of merger premium affecting factor in the perspective of merger motivation

基于并购动机视角,从协同动机、代理动机以及讨价还价能力方面探讨并购溢价影响因素。采用逐步回归对2005—2013年101起并购事件进行实证检验,发现我国并购溢价中绝大部分是大股东为获得控制权,追求代理人收益所额外支付的价格。本文结论有助于了解并购动机与并购溢价间的关系,减少并购溢价的产生,增加并购后协同价值,促进我国并购市场健康发展。

This paper discusses the effect factors of merger premium based on merger motivation angle,synergy motivation and agency motivation and bargaining power.The stepwise regression analysis is adopted to carry out the positive test of 101merger events in the years of 2005—2013.It has been found that most of merger premium in our country is for the large shareholder to obtain the control power and seeking for agent to pay for the price of the benefit.The conclusion of this paper not only helps to understand the relationship between mergers motivation and premium,but also reduces premium caused by agent motivation,increases collaborative value,and promotes effectively the healthy development of China＇s merger market.