The research of negotiated acquisition's premium of listed companies

摘要

In recent years, the mergers and acquisitions premium rate has been rising rapidly, totally beyond the rational expectations of the capital market and investors. Thus, this paper constructs the theoretical model based on the features of target companies in negotiated acquisition. The study found that: the relationship between the target company's scale and the premium of the negotiated acquisition changes with the nature of the equity, which also happens on the relationship between the asset liability ratio and the premium. In addition, the state-owned equity obtains acquisition premium which is significantly lower than the non-state owned equity.