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随着市场化进程的不断深入,资本跨区流动更加频繁,企业异地并购发展迅猛。在市场竞争愈演愈烈的背景下,企业急于寻求有效的异地并购来实现技术及资源的跨区域整合,从而扩大市场份额,提高自身的综合竞争力。但是异地并购所面临差异化的行政壁垒和信息壁垒可能会导致并购过程中产生更高的并购溢价,对并购绩效产生负面影响。基于此,从理论上分析了异地并购的并购溢价与并购绩效的影响因素,旨在揭示两者的作用机理,为进一步研究异地并购提供借鉴。
With the deepening of the marketization process, the flow of capital across regions is more frequent and the mergers and acquisitions of enterprises are developing rapidly. Against the backdrop of intensified market competition, enterprises are anxious to seek effective off-site M & A to achieve cross-regional integration of technology and resources so as to expand market share and improve their overall competitiveness. However, the different administrative barriers and information barriers facing the M & A may lead to the higher M & A premium in the M & A process, which will have a negative impact on the M & A performance. Based on this, we theoretically analyzed the influencing factors of M & A premium and M & A performance in different places, aiming at revealing the mechanism of the two and providing reference for further research on M & A in different places.