错误估值和技术收购:一个经验研究和机制分析
Jinwei Zhou1, Qizheng Gao2, Qi Luo1
1Economics and Management School, Wuhan University, Wuhan, Hubei, China.
PloS one
|November 14, 2024
概括
工业过高估值鼓励技术收购,特别是面临财务限制的公司. 这些收购促进了收购方的创新,使新兴经济体的资本和并购市场受益.
科学领域:
- 企业金融公司财务
- 创新管理 创新管理
- 资本市场 资本市场
背景情况:
- 合并和收购 (M&A) 是技术进步的关键.
- 行业高估值在推动并购中的作用未得到充分探索.
- 对于新兴市场来说,了解资本市场对实体经济的影响至关重要.
研究的目的:
- 调查行业层面的高估如何影响技术收购.
- 检查财务约束在这种关系中的缓和作用.
- 评估此类收购对收购方创新产出的影响.
主要方法:
- 利用中国上市公司的并购数据 (2007-2022年).
- 采用计量经济学分析来证实行业高估和技术收购之间的关系.
- 进行可靠性检查以验证发现.
主要成果:
- 产业层面的高估值大大促进了技术收购.
- 财务限制较高的公司更依赖于行业对收购的高估值.
- 由过高估值驱动的技术收购提高了收购方的创新产出.
结论:
- 产业过高估值作为技术并购的催化剂.
- 财务约束加剧了过高估值对收购决策的影响.
- 这项研究为错误估值驱动的并购文献做出了贡献,并提供了对新兴经济体资本市场效率的见解.
相关概念视频
Mechanistic Models: Compartment Models in Algorithms for Numerical Problem Solving
42
Mechanistic models play a crucial role in algorithms for numerical problem-solving, particularly in nonlinear mixed effects modeling (NMEM). These models aim to minimize specific objective functions by evaluating various parameter estimates, leading to the development of systematic algorithms. In some cases, linearization techniques approximate the model using linear equations.
In individual population analyses, different algorithms are employed, such as Cauchy's method, which uses a...
In individual population analyses, different algorithms are employed, such as Cauchy's method, which uses a...
42
Cognitive Theories: Lazarus Mediational Theory of Emotion
655
Richard Lazarus' cognitive mediational theory highlights the pivotal role of cognitive appraisal in shaping emotional responses. According to this theory, the evaluation of a stimulus — based on personal values, goals, beliefs, and expectations — mediates the emotional response. This appraisal process is immediate and often occurs unconsciously, influencing the intensity and nature of the resulting emotion.
Cognitive Appraisal and Emotional Response
Lazarus proposed that...
Cognitive Appraisal and Emotional Response
Lazarus proposed that...
655
Mechanistic Models: Compartment Models in Individual and Population Analysis
29
Mechanistic models are utilized in individual analysis using single-source data, but imperfections arise due to data collection errors, preventing perfect prediction of observed data. The mathematical equation involves known values (Xi), observed concentrations (Ci), measurement errors (εi), model parameters (ϕj), and the related function (ƒi) for i number of values. Different least-squares metrics quantify differences between predicted and observed values. The ordinary least...
29
Self-Discrepancy Theory
18.3K
One influential perspective on what motivates people's behavior is detailed in Tory Higgin's self-discrepancy theory (Higgins, 1987). He proposed that people hold disagreeing internal representations of themselves that lead to different emotional states.
18.3K
Regression Toward the Mean
6.3K
Regression toward the mean (“RTM”) is a phenomenon in which extremely high or low values—for example, and individual’s blood pressure at a particular moment—appear closer to a group’s average upon remeasuring. Although this statistical peculiarity is the result of random error and chance, it has been problematic across various medical, scientific, financial and psychological applications. In particular, RTM, if not taken into account, can interfere when...
6.3K
Fundamental Attribution Error
12.8K
According to some social psychologists, people tend to overemphasize internal factors as explanations—or attributions—for the behavior of other people. They tend to assume that the behavior of another person is a trait of that person, and to underestimate the power of the situation on the behavior of others. They tend to fail to recognize when the behavior of another is due to situational variables, and thus to the person’s state. This erroneous assumption is...
12.8K


