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Author(s): |
Shuang Li, College of Economics, Shenyang University, Shenyang, China, 110044
Jian Yu, Business School, Liaoning University, Shenyang, China, 110136 |
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Abstract: |
This paper adopts the positive method to study the influence of competitive forces on premium paid for M&A, which carried out by enterprises acquirers, and selects the case of share acquisition of listed companies in our country during the period 2002 to 2009 as sample. We find that enterprises acquirers which have higher competitive forces trend to paid lower premium for M&A. In the tridimensional index system, the size of enterprises and growth are positive to the premium of M&A, the profitability of enterprises is negative to premium. As a whole, the results of this paper support the hypothesis of bargaining ability.
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