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第 34 卷摇 第 5 期 罗琦, 杨婉怡: 股票错误定价与公司并购:研究述评

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Stock Mispricing and M&A: A Literature Review

LUO Qi & YANG Wanyi
(School of Economics and Management, Wuhan University, Wuhan, Hubei 430072, China)

Abstract: With the development of behavioral corporate finance theories, the impact of stock mispricing on M&A has been
an important issue among scholars and practitioners. Scholars at home and abroad have studied the relationship between stock mi鄄
spricing and M&A in terms of three aspects, including motivation, payment decision - making and economic consequences. They
have already obtained some research achievements. Previous studies have found that stock mispricing has an important influence
on the initiation and termination of M&A, which can be explained by the overvaluation鄄driven acquisition theory and the catering
theory. The payment decisions in M&A are also affected by stock mispricing. Existing research has reached a consistent conclu鄄
sion on the relationship between stock mispricing and the choice of payment methods in M&A. However, it is still in dispute
whether the acquirer pays a reasonable premium for the target. With regard to economic consequences, a number of studies have
analyzed how stock mispricing has an effect on the wealth distribution in M&A from different perspectives. Furthermore, several
studies have examined the influence of stock mispricing on M&A performances with regard to the synergy. Given the controversial
issues and limitations in the current literature, future research should step further on the relationship between stock mispricing
and M&A.
Key Words: stock market; mispricing; M&A motivation; method of payment; M&A premium; wealth effect
(本文责编摇 王摇 轶)

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