海外并购溢价受外部代理人影响因素的实证研究

An Empirical Study on Factors Influenced by External Agents in Overseas Merger Premium

在2008年由美国次级贷款所引发的全球性金融危机中,多数西方家均受到严重波及,导致海外资产价格下跌,甚至出现市场价值低于内在价值的情况。中国凭借其较低的金融资本市场开放程度及内生投资和消费拉动国内经济增长而抵御住了这次全球性金融危机,此后于2010年中国的名义GDP首次超过日本成为世界第二大经济体。自2010年后,中国企业海外兼并及收购资产活动频现,随之而产生的并购溢价现象引起了学术界和投资银•行业的关注。根据已有研究并购溢价会直接影响到企业并购的成本,并对并购后的公司绩效产生影响,因此对并购溢价影响因素的研究具有很强的现实意义。本文针对已有研究,提出并购溢价受并购活动代理人的主体类别、专业化程度、及费用等因素的影响,拓展了我国企业海外并购问题的研究。

In the global financial crisis caused by us subprime loans in 2008,most Westerners were severely afiected,leading to the fall in the price of overseas assets,and even the market value was lower than the intrinsic value.China has weathered the global financial crisis with its low level of financial capital market openness and endogenous investment and consumption,leading to the first time in 2010 that it surpassed Japan as the world's second-largest economy in nominal terms.Since 2010,overseas mergers and acquisitions of assets by Chinese companies have been frequent,and the resulting M&A premium has attracted the attention of academia and investment banking.According to the existing research on merger premium will directly affect the cost of merger and acquisition,and have an impact on corporate performance after merger and acquisition.Therefore,the research on the influence factors of merger and acquisition premium has a strong practical significance.In this paper,based on the existing research,the author puts forward that M&A premium is influenced by the main body category specialization,and cost of M&A agents,and expands the research of overseas M&A in China.