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首页> 外文期刊>Journal of Business Research >Start-ups, incumbents, and the effects of takeover competition
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Start-ups, incumbents, and the effects of takeover competition

机译：初创企业，现有企业以及接管竞争的影响

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摘要

Recent acquisitions involving Tumblr and Instagram have demonstrated that the takeover of an unlisted start-up company can offer enormous financial benefits to its (former) stakeholders. Considering the multimillion-dollar amounts paid for start-ups with no existing and highly uncertain future revenues, we investigate the process and outcome of negotiation dynamics in the context of takeovers. In a series of experiments, we show that even with a low level of uncertainty about a start-up's value and its financial resources, start-ups can influence bidders' behavior and consequently the start-ups' valuation. The results indicate that incumbents' bidding behavior is driven by the perceived threat level with respect to the start-up's business activities as well as by the uncertainty with respect to other incumbents' bidding behavior drivers that are subject to activities by the start-ups' management. Interestingly, the effect even exists if incumbents clearly know that initiating a bidding process will very likely lead to losses. (C) 2016 Elsevier Inc. All rights reserved.
机译：最近涉及Tumblr和Instagram的收购表明，收购一家未上市的初创公司可以为其（以前的）利益相关者带来巨大的财务利益。考虑到为初创企业支付了数百万美元的资金，而这些企业没有现成的和高度不确定的未来收入，因此我们在收购的背景下调查了谈判动态的过程和结果。在一系列实验中，我们表明，即使对于初创企业的价值及其财务资源的不确定性较低，初创企业仍会影响竞标者的行为，进而影响初创企业的估值。结果表明，在位者的竞标行为是由对初创企业的业务活动的感知威胁程度以及由在位企业的活动受到活动影响的其他在位者的竞标行为驱动因素的不确定性所驱动的。管理。有趣的是，如果任职者清楚地知道发起竞标过程很可能会导致损失，则这种影响甚至存在。 （C）2016 Elsevier Inc.保留所有权利。

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