CAJ | 학술논문

基于并购动机视角，从协同动机、代理动机以及讨价还价能力方面探讨并购溢价影响因素。采用逐步回归对2005-2013年101起并购事件进行实证检验，发现我国并购溢价中绝大部分是大股东为获得控制权，追求代理人收益所额外支付的价格。本文结论有助于了解并购动机与并购溢价间的关系，减少并购溢价的产生，增加并购后协同价值，促进我国并购市场健康发展。
기우병구동궤시각，종협동동궤、대리동궤이급토개환개능력방면탐토병구일개영향인소。채용축보회귀대2005-2013년101기병구사건진행실증검험，발현아국병구일개중절대부분시대고동위획득공제권，추구대리인수익소액외지부적개격。본문결론유조우료해병구동궤여병구일개간적관계，감소병구일개적산생，증가병구후협동개치，촉진아국병구시장건강발전。
This paper discusses the effect factors of merger premium based on merger motivation angle,synergy motivation and agency motivation and bargaining power.The stepwise regression analysis is adopted to carry out the positive test of 101 merger events in the years of 2005-2013. It has been found that most of merger premium in our country is for the large shareholder to ob-tain the control power and seeking for agent to pay for the price of the benefit.The conclusion of this paper not only helps to understand the relationship between mergers motivation and premi-um,but also reduces premium caused by agent motivation,increases collaborative value,and promotes effectively the healthy development of China's merger market.