摘要
近年来,我国并购市场如火如荼,越来越多的企业选择通过并购来实现自己的战略目标,迅速占据市场地位,进入新兴行业。在并购交易热潮下,高溢价似乎也成为并购重组的"标配",高溢价并购屡见不鲜。可是企业支付高溢价换来的是否为优质资产,其是否能给企业带来价值的提升,这些都是值得研究的议题。因此,文章基于我国并购交易市场,研究了国内上市公司并购溢价的绩效反应。运用相关性分析、多元回归分析等研究方法探讨了并购支付溢价对并购绩效的影响。最后,根据实证研究结果阐述本文的结论,给出相应的建议。研究结果表明:并购溢价在一定程度上代表了并购后协同效应的大小,支付的溢价越高表明预期达成的协同效应越大,企业后期的绩效表现会越好。
In recent years,China's M&A market is in full swing.More and more enterprises choose to achieve their strategic goals through mergers and acquisitions,quickly occupy market position and enter emerging industries.Under the enthusiasm of M&A transactions,high premiums also seem to be the"standard"for mergers and acquisitions,and high-value mergers and acquisitions are not uncommon.However,whether the company pays a high premium for high-quality assets,and whether it can bring value to the enterprise,these are issues worth studying.Therefore,based on China's M&A transaction market,the article studies the performance response of domestic listed companies'M&A premium.The correlation analysis and multiple regression analysis methods were used to explore the impact of M&A payment premium on M&A performance.Finally,based on the results of empirical research,the conclusions of this paper are expounded and corresponding suggestions are given.The research results show that the M&A premium represents the synergy effect after M&A to a certain extent.The higher the premium paid,the greater the synergy expected to be achieved,and the better the performance of the enterprise in the later stage.
作者
郭榕倩
GUO Rong-qian(School of Economics and Management,Fuzhou University,Fuzhou 350108)
出处
《财务与金融》
2020年第1期53-59,共7页
Accounting and Finance
关键词
并购溢价
协同效应
并购重组
企业绩效
M&A Premium
Synergistic Effect
Mergers and Acquisitions
Corporate Performance
