公司并购中的禀赋效应及其对并购溢价的影响  

Endowment effect in corporate mergers and acquisitions and its impact on takeover premiums

作　　者：汤健 张红[1,2] TANG Jian;ZHANG Hong(Center for Urbanization and Industrial Development,School of Civil Engineering,Tsinghua University,Beijing 100084,China;Hang Lung Center for Real Estate,Tsinghua University,Beijing 100084,China)

机构地区：[1]清华大学土木水利学院,城镇化与产业发展研究中心,北京100084 [2]清华大学恒隆房地产研究中心,北京100084

出　　处：《清华大学学报（自然科学版）》2021年第6期565-572,共8页Journal of Tsinghua University(Science and Technology)

基　　金：国家自然科学基金资助项目(71373143);清华大学自主科研计划项目(2015THZ01)。

摘　　要：禀赋效应是一种广泛存在于商品交易中的行为偏误,通常表现为某物品的拥有者较非拥有者对该物品的评价更高。该文以2010—2018年双方均为美国上市公司的425宗并购事件为样本,开展多元回归分析,研究禀赋效应的存在性及其对并购溢价的影响。结果表明:公司并购过程中存在禀赋效应,且该效应显著提升了并购溢价;不同行业的公司并购事件中禀赋效应对并购溢价的影响具有差异,新兴行业公司并购中禀赋效应的影响更为突出。建议收购方在评估目标公司时,应充分考虑因禀赋效应而提高的并购成本;产业政策的制定者考虑禀赋效应对产业整合效率的影响。The endowment effect is a common behavioral bias in commodity transactions,usually manifested by the owner of an item having a higher evaluation of the item’s worth than the buyer.This study used a multivariate regression analysis to analyze 425 takeovers from 2010—2018 in which both parties were U.S.listed companies to study the endowment effect in mergers and acquisitions and its impact on the takeover premiums.The results show that there is an endowment effect that significantly increases the takeover premiums with the impact varying in different industries and being more prominent in emerging industries.The acquirers should fully consider the high takeover cost caused by the endowment effect when evaluating the target company.Policy makers should pay attention to the welfare loss caused by the endowment effect when making industry organization policies.

关 键 词：禀赋效应 并购溢价 多元回归 

分 类 号：F279.21[经济管理—企业管理]