全球石油行业竞争性并购溢价与价值不确定性研究  

Offer Premium and Value Uncertainty of Global Petroleum Industry in Competitive M & A Biddings

作　　者：王震 王天然[2] 

机构地区：[1]中国石油大学中国能源战略研究院,北京102249 [2]中国石油大学工商管理学院,北京102249

出　　处：《中国石油大学学报（社会科学版）》2013年第5期12-18,共7页Journal of China University of Petroleum (Edition of Social Sciences)

基　　金：教育部哲学社会科学研究重大课题攻关项目(09JZD0038)

摘　　要：竞争性报价是影响并购收益的关键因素之一,激烈的竞价会大大提高支付溢价水平,降低并购成功的可能性。本文以竞争性报价过程中的并购收益为出发点,以全球石油行业30年的竞争性并购案件为样本,研究验证信息不对称以及竞购公司存在相关性的条件下并购收益水平的特征。研究表明,竞购公司相关性与并购收益之间存在显著的U型关系;并购收益与目标公司价值不确定性之间存在正相关关系。另外,后手公司报价水平也与目标公司价值不确定性呈正相关关系。研究结论改变了传统的并购收益随竞争公司相关性增大而增大的观念,对收购方和目标公司的策略制定具有参考价值。Competitive bidding is one of the factors that influence merger returns. Fierce competition among bidders will result in higher offer premiums while reducing the possibility of bidding success. This paper, focusing on the level of merger returns in competing mergers and acquisitions, sampled competitive M ＆ A activities worldwide in the oil and gas industry for the past three decades, testing offer premium levels under conditions of information asymmetry and heterogeneity of competing bidders. Empirical results showed a significant U shape relationship between merger return and ileterogeneity of bidding competitors. There is also a proved positive relationship between offer premium and value uncertainty of the target company. Meanwhile, offer premium of competing bidder also shows a positive relationship with value uncertainty of the target company. The results changed the old findings that merger returns were positively related to heterogeneity of bidding competitors. The results would make sense for both sides of M ＆ A when making their bidding strategies.

关 键 词：石油行业 竞争性并购 支付溢价 价值不确定性 行业相关性 

分 类 号：F407.22[经济管理—产业经济]