【作者】 孙涛；

【Author】 Sun Tao (Accounting Department of NUAA,Nanjing,Jiangsu,210016)

【机构】 南京航空航天大学会计学系；

【摘要】 上市公司收购正逐步由协议方式为主向要约方式为主过渡,收购溢价支付将成为必然。本文通过建立溢价支付的业绩补偿模型来论证溢价补偿的难度,从而强调溢价支付具有很大的风险性,并对要约收购风险进行了度量及其应用研究,提醒收购公司在收购目标公司时应慎重确定溢价及其支付比率,以最大限度地减少收购风险。更多还原

【Abstract】 More and more acquisition of listed firms will be complement by tender offer with the improvement of Chinese capital market.And generally,a premium must be paid to the shareholders of acquired firm in tender offer because of synergy from M&A.Therefore;the premium need to be compensated with future added benefit from combined firm after acquisition, whose difficulties depends on premium level according to the analysis of compensation models. So proper premium level has important role in controlling the risk from overpaying in tender offer and making a success acquisition.更多还原