日本公司在跨国收购上的多付

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2021-01-28 DOI:10.1111/infi.12387

Ralf Bebenroth, Kashif Ahmed

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引用次数: 3

摘要

美国和欧洲的研究表明，企业在收购跨国目标时往往会支付过高的价格。我们的研究主要集中在亚洲地区。我们发现，日本收购方为跨境目标支付的溢价明显高于国内目标。我们还发现，在收购国内公司的案例中，负债累累或市净率(表明其吸引力)较高的收购方支付的溢价较低。相比之下，我们发现，在跨境收购的情况下，这两个变量对保费都没有显著影响，这表明跨境收购的保费设置并不有效。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Japanese firms' overpayments for cross-border acquisitions

U.S. and European research suggests that firms tend to overpay when acquiring cross-border targets. Our research focuses on an Asian setting. We find that Japanese acquirers pay significantly higher premiums for cross-border targets than for domestic ones. We also find that, in the case of acquisitions of domestic firms, acquirers that are laden with debt or that have higher market-to-book ratios (which signals their attractiveness) pay lower premiums. By contrast, we find that in the case of cross-border acquisitions, neither variable has a significant impact on premiums, which suggests that premiums are not set efficiently for cross-border acquisitions.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.