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第 35 卷摇 第 1 期 王雅茹, 刘淑莲: 企业声誉与并购溢价决策

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Research on Corporate Reputation and High Acquisition Premiums:
Moderating Role Based on Performance Aspiration Gap

WANG Yaru & LIU Shulian
(School of Accounting, Dongbei University of Finance and Economics, Dalian, Liaoning 210200, China)

Abstract: Although many literatures have studied the factors affecting the corporate acquisition premiums, there is no litera鄄
ture which studies the relationship between corporate reputation and acquisition premiums. Based on the sample of the listed com鄄
panies during the years from 2007 to 2017, this paper finds that the higher corporate reputation, the higher premiums will paid by
the corporate to maintain its reputation. It also finds that performance aspiration gap plays a moderating role in the relationship
between corporate reputation and acquisition premiums. Further research finds that the corporate high premium acquisitions to
maintain reputation will achieve good acquisition performance in the short term, but it will have a potential negative impact on
corporate performance in the long run. If the performance aspiration gap is greater, the negative impact is stronger. When the
corporate maintains its reputation through acquisitions, it should pay attention to the risks in the acquisition process and avoid the
negative impact on future development due to excessive acquisition costs.
Key Words: corporate reputation; acquisition premium; stakeholder expectation; performance aspiration gap; acquisition
performance; moderating effect

(本文责编摇 王沈南)

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