CAJ | 학술논문

企业并购的主要动机源于协同效应、自大效应和委托一代理效应，国有企业由于其高度集中的股权结构以及特殊的治理结构，委托一代理效应对其并购的驱动作用非常弱，而协同效应和自大效应则很明显。作者从企业并购过程中的利润增量变化率与自大效应成负向比例关系出发构建数学模型，并得出结论：并购企业的自大效应与初始并购溢价、利润增量，以及并购企业的流动资产有密切关系，如果并购企业的流动资产远远大于初始自大效应溢价，自大效应对并购企业的影响比较小；反之会比较明显。随着并购后利润增量先降后升，自大效应便随之先升后降。文章还以中海油并购加拿大尼克森石油公司为例，计算出了某特定时刻的自大效应溢价与协同效应收益。
기업병구적주요동궤원우협동효응、자대효응화위탁일대리효응，국유기업유우기고도집중적고권결구이급특수적치리결구，위탁일대리효응대기병구적구동작용비상약，이협동효응화자대효응칙흔명현。작자종기업병구과정중적리윤증량변화솔여자대효응성부향비례관계출발구건수학모형，병득출결론：병구기업적자대효응여초시병구일개、리윤증량，이급병구기업적류동자산유밀절관계，여과병구기업적류동자산원원대우초시자대효응일개，자대효응대병구기업적영향비교소；반지회비교명현。수착병구후리윤증량선강후승，자대효응편수지선승후강。문장환이중해유병구가나대니극삼석유공사위례，계산출료모특정시각적자대효응일개여협동효응수익。
The major intention of enterprise＇ s merger and acquisition includes the synergies effect, the principal-agent effect and the hubris effect. Due to the concentrating ownership and governance structure of the state-owned enterprises, the principal-agent effect is very weak, but the synergies effect and the hubris effect are obvious. It is found that changes in the rate of profit increment has a close relationship with the initial hubris effect,profit increment and the current assets of the enterprises, which means that the hubris effect is fairly weak if current assets is far greater than the initial hubris effect, and on the contrary it will be strong. Along with the up and down of the profit increment, the hubris effect will change accordingly. Taking the CNOOC Limited＇ s acquisition of NEXEN as an example,the paper calculates the hubris effect and the synergies effect.