摘要
针对企业并购重组井喷式的发展,支付作为并购的重要组成部分受到多方关注,伴随着"三高"现象的普遍存在,支付方式与并购溢价之间存在着怎样的关系呢?我们发现,现金支付能够显著抑制并购溢价,企业之间的相对规模削弱了支付方式对并购溢价的负向影响,但跨行业并购却不能。业绩补偿承诺助推了高溢价,并在签订了该协议的基础上降低了现金支付和并购溢价的负向关系。研究表明,并购溢价同时受到交易成本与信息不对称的影响,现金支付因更高的成本抑制了溢价增长,而信息不对称又在一定程度上削弱了两者之间的关系。
Aiming at the blowout development of corporate mergers and acquisitions,payment,as an important part of mergers and acquisitions,has received attention from many parties.With the widespread existence of the"three highs"phenomenon,what is the relationship between payment methods and mergers and acquisitions premium?We find that cash payments can significantly suppress the M&A premium,and the relative size of companies weakens the negative impact of payment methods on the M&A premium,but cross-industry M&A cannot.Performance compensation commitments have boosted high premiums and reduced the negative correlation between cash payments and M&A premiums.The research shows that the premium is affected by both transaction costs and information asymmetry.Cash payments have suppressed premium growth due to higher costs,and information asymmetry has weakened the relationship to a certain extent.
出处
《投资研究》
CSSCI
北大核心
2019年第12期81-93,共13页
Review of Investment Studies
基金
云南省院省校合作研究项目(SYSX201601)
云南大学“青年英才培育计划”(XT412003)资助项目
云南大学国家社科基金培育项目(18YNUGSP042).
关键词
并购重组
支付方式
溢价
Mergers and acquisitions
Payment methods
Premium
