CAJ | 학술논문

以主并企业为研究对象,结合信息不对称理论、行为金融理论和企业国际化理论等,构建分析框架并实证检验了中国上市公司海外并购溢价决策的影响因素。研究结果显示：信息不对称程度是影响中国上市公司海外并购溢价决策的基本因素,海外并购高溢价在一定程度上属于我国企业“走出去”交纳的“学费”;企业高管的自利与过度自信心理特征会放大并加剧中国上市公司的海外并购溢价程度;高国际化程度能有效抑制中国上市公司的海外并购溢价水平。
이주병기업위연구대상,결합신식불대칭이론、행위금융이론화기업국제화이론등,구건분석광가병실증검험료중국상시공사해외병구일개결책적영향인소。연구결과현시：신식불대칭정도시영향중국상시공사해외병구일개결책적기본인소,해외병구고일개재일정정도상속우아국기업“주출거”교납적“학비”;기업고관적자리여과도자신심리특정회방대병가극중국상시공사적해외병구일개정도;고국제화정도능유효억제중국상시공사적해외병구일개수평。
This paper takes the acquirer as the research object,and combines information asymmetry theory,behavior finance theory and enter- prise internationalization theory to construct the analysis framework to empirically test the determinants of premiums rate of overseas M＆A of Chinese listed companies. The results show as follows：information asymmetric between the acquirer and the acquired enterprise is the basis determinant;high overseas M＆A premium belongs to the ＂tuition fee＂ paid by Chinese enterprises implementing the strategy of ＂going out＂ ; executive＇s psychological characteristics of self-interest and overconfidence enlarge and aggravate the overseas M＆A premium level of Chinese listed companies; high internationalization degree could effectively restrain the overseas M＆A premium level of Chinese listed companies.