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首页> 外文期刊>The quarterly review of economics and finance >Why do merger premiums vary across industries and over time?
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Why do merger premiums vary across industries and over time?

机译：为什么合并溢价随行业和时间而变化？

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摘要

We identify time-varying industry and macroeconomic factors that explain the observed variation in takeover premiums over time. Results support our hypotheses that some industry and economic factors can increase the growth prospects in an industry, which boosts expected synergies and/or demand for the target firm, and therefore increases the merger premiums. Merger premiums are higher when the target's corresponding industry experiences higher growth, has more research and development (a proxy for expected growth), and has less dispersion in performance among firms within the industry. Merger premiums are also positively related to capital liquidity, which can enhance economic growth and competition for target firms, and positively related to volatility in economic growth, which affect merger waves and the demand for target firms over time.
机译：我们确定了时变的行业和宏观经济因素，这些因素可以解释所观察到的收购溢价随时间的变化。结果支持我们的假设，即某些行业和经济因素可以提高某个行业的增长前景，从而增强预期的协同效应和/或对目标公司的需求，从而提高合并溢价。当目标公司的相应行业经历更高的增长，具有更多的研发（代表预期增长）并且行业内公司之间的绩效分散性降低时，合并保费就会更高。兼并溢价还与资本流动性正相关，后者可以增强经济增长和对目标公司的竞争，并与经济增长的波动性正相关，后者会影响并购浪潮和对目标公司的长期需求。

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