摘要
以主并企业为研究对象,结合信息不对称理论、行为金融理论和企业国际化理论等,构建分析框架并实证检验了中国上市公司海外并购溢价决策的影响因素。研究结果显示:信息不对称程度是影响中国上市公司海外并购溢价决策的基本因素,海外并购高溢价在一定程度上属于我国企业"走出去"交纳的"学费";企业高管的自利与过度自信心理特征会放大并加剧中国上市公司的海外并购溢价程度;高国际化程度能有效抑制中国上市公司的海外并购溢价水平。
This paper takes the acquirer as the research object,and combines information asymmetry theory,behavior finance theory and enter- prise internationalization theory to construct the analysis framework to empirically test the determinants of premiums rate of overseas M＆A of Chinese listed companies. The results show as follows：information asymmetric between the acquirer and the acquired enterprise is the basis determinant;high overseas M＆A premium belongs to the ＂tuition fee＂ paid by Chinese enterprises implementing the strategy of ＂going out＂ ; executive＇s psychological characteristics of self-interest and overconfidence enlarge and aggravate the overseas M＆A premium level of Chinese listed companies; high internationalization degree could effectively restrain the overseas M＆A premium level of Chinese listed companies.
出处
《技术经济》
CSSCI
北大核心
2015年第5期104-111,共8页
Journal of Technology Economics
基金
教育部人文社会科学研究青年基金项目"中国民营企业集团跨国并购融资创新及其风险控制研究"(12YJC630072)
关键词
海外并购
并购溢价
溢价决策
overseas M＆A
M＆A premium
premium decision
