国外并购溢价决定因素研究脉络梳理与未来展望
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外国经济与管理 2011 年 第 33 卷第 10 期, 页码：58 - 65
摘要
参考文献
摘要
并购溢价现象在现实生活中普遍存在,已经引起学术界和实务界的广泛关注。学者们纷纷致力于研究并购溢价决定因素,以揭示并购溢价本质。基于此,本文系统梳理了二十世纪八十年代中后期至二十一世纪前十年国外有关并购溢价决定因素的文献,分别从财务视角、管理层和公司治理视角以及其他并购参与者视角加以阐述,然后分析了现有研究不足,最后在此基础上进行了未来研究展望,以期为我国并购溢价研究提供一些启示。
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[2]Slusky,A R,and Caves,R E.Synergy,agency,and the determinants of premia paid in mergers[J].The Journal of Industrial Eco-nomics,1991,39(3):277-296.
[3]Homberg,F,Rost,K,and Osterloh,M.Do synergies exist in related acquisitionsA meta-analysis of acquisition studies[J].Review ofManagerial Science,2009,3(2):75-116.
[4]Comment,R,and Schwert,G W.Poison or placeboEvidence on the deterrence and wealth effects of modern antitakeover measures[J].Journal of Financial Economics,1995,39(1):3-43.
[5]Schoenberg,R,and Thornton,D.The impact of bid defences in hostile acquisitions[J].European Management Journal,2006,24(2-3):142-150.
[6]Sokolyk,T.The effects of antitakeover provisions on acquisition targets[J].Journal of Corporate Finance,2011,17(3):612-627.
[7]Officer,M S.Termination fees in mergers and acquisitions[J].Journal of Financial Economics,2003,69(3):431-467.
[8]Rhoades,S A.Determinants of premiums paid in bank acquisitions[J].Atlantic Economic Journal,1987,15(1):20-30.
[9]Diaz,B D,and Azofra,S S.Determinants of premiums paid in European banking mergers and acquisitions[J].International Journal ofBanking,Accounting and Finance,2009,1(4):358-380.
[10]Laamanen,T.On the role of acquisition premium in acquisition research[J].Strategic Management Journal,2007,28(13):1359-1 369.
[11]Rossi,S,and Volpin,P F.Cross-country determinants of mergers and acquisitions[J].Journal of Financial Economics,2004,74(2):277-304.
[12]John,K,Freund,S,Nguyen,D,and Vasudevan,G K.Investor protection and cross-border acquisitions of private and public targets[J].Journal of Corporate Finance,2010,16(3):259-275.
[13]Song,M H,and Walking,R A.The impact of managerial ownership on acquisition attempts and target shareholder wealth[J].The Journal of Financial and Quantitative Analysis,1993,28(4):439-457.
[14]Moeller,T.Let’s make a deal!How shareholder control impacts merger payoffs[J].Journal of Financial Economics,2005,76(1):167-190.
[15]Bargeron,L L.Why do private acquirers pay so little compared to public acquirers[J].Journal of Financial Economics,2008,89(3):375-390.
[16]Hayward,M L A,and Hambrick,D C.Explaining the premiums paid for large acquisitions:Evidence of CEO hubris[J].AdministrativeScience Quarterly,1997,42(1):103-127.
[17]Haunschild,P R.How much is that company worthInterorganizational relationships,uncertainty,and acquisition premiums[J].AdministrativeScience Quarterly,1994,39(3):391-411.
[18]Beckman,C M,and Haunschild,P R.Network learning:The effects of partners’heterogeneity of experience on corporate acquisitions[J].Administrative Science Quarterly,2002,42(1):92-124.
[19]Chahine,S,and Ismail,A.Premium,merger fees and the choice of investment banks:A simultaneous analysis[J].The QuarterlyReview of Economics and Finance,2009,49(2):159-177.
[20]Wan,K M,and Wong,K F.Economic impact of political barriers to cross-border acquisitions:An empirical study of CNOOC’sunsuccessful takeover of Unocal[J].Journal of Corporate Finance,2009,15(4):447-468.
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蒋丽娜, 薄澜, 姚海鑫. 国外并购溢价决定因素研究脉络梳理与未来展望[J]. 外国经济与管理, 2011, 33(10): 58–65.
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