Journal of Jiangxi University of Finance and Economics ›› 2018, Vol. 0 ›› Issue (06): 175-.
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HAO Zhao-hui, GAO Di
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Abstract: Taking the M&A projects of Chinese listed companies from 1998 to 2017 as research samples, this paper employs the OLS regression method to examine respectively the impact of technology M&A, the size of M&A objects and the technology attributes of the major M&A party on M&A premium. The findings show that technology mergers and acquisitions will significantly increase the M&A premium, while the increase in the size of the M&A object will significantly reduce the M&A premium; when the major M&A party is a technology-based enterprise, the positive correlation between technology M&A and M&A premium will be further strengthened, while the negative correlation between the size of the M&A object and the M&A premium will be suppressed. Further research finds out that technology mergers and acquisitions will significantly reduce the total factor productivity of the major M&A party, but the impact of the size of the M&A object on the total factor productivity of the major M&A party is not significant; when the main purchaser is a technology-based enterprise, technology M&A can not only significantly improve the total factor productivity of the major M&A party, but also significantly alleviate the inhibition of the size of the M&A object on the total factor productivity of the main acquirer.
Key words: technology mergers and acquisitions; M&A premium; total factor productivity; technology attributes
HAO Zhao-hui, GAO Di. Technology M&A, Premium Decision and Total Factor Productivity[J]. Journal of Jiangxi University of Finance and Economics, 2018, 0(06): 175-.
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