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过去三十年接管行为引起了学术界的广泛关注,其中大多数研究关注于成功的接管,尤其是研究接管行为对被接管目标公司和竞价公司双方股东财富的影响。与成功接管不同的是,被迫放弃的接管行为(即接管放弃)相对而言受学术界的关注较少。这种令人惊讶的现象是因为相当大比例的接管竞价不成功。本文试图通过对接管失败方面文献的综合调研来说明这种研究上的偏颇。本文关注于两方面文献:第一,回顾和讨论可能影响接管结果的因素;第二,分别从目标公司和竞价公司的角度考察接管放弃的后果。还要分析未来的研究领域,这将进一步深化公司对接管放弃的因果关系的认识。
The takeover behavior of the past three decades has aroused widespread academic attention. Most of the studies focus on successful takeover, especially the impact of the takeover on the wealth of the shareholders of both the target company and the bidding company. Contrary to successful takeover, the takeover behavior that is forced to abandon (that is, the takeover give up) is relatively less of an academic concern. This surprising phenomenon is because a large percentage of the takeover bid was unsuccessful. This article attempts to illustrate this bias in research by synthesizing the literature on failed takeovers. This article focuses on two sources: first, reviewing and discussing factors that may affect the takeover outcome; and second, examining the consequences of takeover abandonment from the perspective of the target company and the bidding company. An analysis of future research areas will further deepen the company's understanding of the causal link that it gave up.