The Accounting Review, November 2018, Vol. 93, No. 1, pp. 335-362.

在旁观者眼中的价值:并购定价中收益和账面价值的相对估值作用

作者：MaryJane R. Rabier (McGill University, Canada)

摘要

Gupta和Gerchak(2002)认为不同的收购者可以根据他们的战略意图来达到相同目标的不同股权估值。在持有目标的基本面因素不变的情况下，收购方的股权估值变化的一个原因可能是，单个收购者对潜在的基本面因素施加了不同的权重。我使用了Burgstahler和Dichev(1997)的理论框架研究了这种可能性。他们认为，收益和账面价值的相对重要性取决于预期适应性，这可能导致现有的收益生成过程被改变。利用重组成本来代表个人收购方的预期适应性，我发现目标公司的收益(账面价值)与收购方的报价之间的关联在预期适应中将减少(增加)，这与理论预测一致。这些发现在并购浪潮和针对目标的激烈竞争中并不怎么明显。

Value is in the Eye of the Beholder: The Relative Valuation Roles of Earnings and Book Value in Merger Pricing

MaryJane R. Rabier (McGill University, Canada)

ABSTRACT

Gupta and Gerchak (2002) argue that different acquirers can arrive at different equity valuations for the same target depending on their strategic intent. A reason for acquirers' equity valuations to vary, holding target fundamentals constant, may be that individual acquirers place different weights on underlying fundamentals. I examine this possibility using Burgstahler and Dichev's (1997) theoretical framework. They argue that the relative importance of earnings and book value depends on expected adaptation, which is the likelihood that the existing earnings generating process will be altered. Using restructuring costs to proxy for expected adaptation at the individual acquirer level, I find that the association between the target's earnings (book value) and acquirers' bid prices is decreasing (increasing) in expected adaptation, consistent with theoretical predictions. These findings are less pronounced during merger waves and intense bid competition for the target.

原文链接：http://www.aaajournals.org/doi/abs/10.2308/accr-51785

翻译：阙江静