企业战略对并购溢价的影响

A Study of the Influence of Enterprise Strategy on Acquisition Premiums

企业并购是企业进行业务重组、资源配置的重要手段之一,是企业战略的重要组成部分。并购方支付并购溢价在企业并购中是普遍现象。以2014—2017年中国上市公司实施的并购重组事件为研究对象,检验企业战略对并购溢价的影响。研究发现:中国企业多数为观望型战略,进攻型战略、防御型战略较少;企业战略对并购溢价具有显著影响,并购方企业战略越激进,在并购中支付的并购溢价就越低。在替换了企业战略的度量指标以及依据是否关联交易进行分组后,该结论依然成立。笔者将战略管理理论应用于并购溢价,以期丰富企业并购领域的研究。

Mergers and acquisitions（MAs） is one of the important means for enterprise business restructuring and resource integration and is also an important part of enterprise strategy.It is a common phenomenon that acquirers pay acquisition premium.Taking the MAs events conducted by Chinese Listed Companies in 2014-2017 years as the research subject,the paper examines the impact of enterprise strategy on acquisition premium.It is found that most Chinese enterprises adopt wait-and-see strategies,instead of offensive strategies and defensive strategies;the enterprise strategy has a significant impact on the acquisition premium,the more aggressive the acquirers＇ strategy is,the lower acquisition premium paid.The conclusion is still true after replacing the measurement index of enterprise strategy and grouping according to whether or not transactions are related.The paper enriches the research of MAs by applying strategic management theory to acquisition premium studies.