Crossing takeover premiums and mix of payment: An empirical test of contractual setting in M&A transactions
Crossing takeover premiums and mix of payment: An empirical test of contractual setting in M&A transactions
复制标题
交叉收购溢价和支付组合：M 合同环境的实证检验
DOI：
10.2139/ssrn.1833440
复制
发表时间：
2013
期刊：
影响因子：
--
通讯作者：
H. Bruslerie
中科院分区：
文献类型：
--
作者：
H. Bruslerie
对投标报价溢价和支付手段的分析不应分开进行。在实证文献中，这两个变量通常被独立地考虑，尽管它们在合同环境中可能存在内生关系。利用2000-2010十年间欧洲企业并购的样本，我们发现这两个变量是在契约经验方法中共同设定的。现金比例和报价溢价之间的关系是积极的：溢价越高，支付的现金越多。我们强调，支付选择不是全额现金和全额股票支付之间的连续体。本文对并购交易中两种不同的支付方式进行了实证分析。我们分析了当要约溢价和支付方式共同确定时，并购条款的主要决定因素。人们发现，信息不对称和风险分担演算的基本原理在协议的设定中具有重要意义。
The analyses of the tender offer premiums and of the means of payment should not be performed separately. In the empirical literature, these two variables are often considered independently, although they may have an endogenous relationship in a contractual setting. Using a sample of European M&As over the 2000-2010 decade, we show that these two variables are jointly set in a contractual empirical approach. The relationship between the percentage of cash and the offer premium is positive: higher premiums yield payments with more cash. We highlight that the payment choice is not a continuum between full cash and full share payments. Two different regimes of payment in M&A transactions are empirically characterized. We analyze the major determinants of M&A terms when the offer premium and the means of payment are jointly set. The underlying rationale of an asymmetry of information and a risk-sharing calculus is found to be significant in the setting of the agreement.