Research Review on Financial Market Driven Mergers
Merger motivation theories could be divided into traditional merger motivation theories and merger wave theories in accordance with prevalent segmentation After review merger wave theories literatures delicately, we found that financial market is an extraordinary important driver of aggregate merger activities.According to this new perspective, there are six viewpoints in this research fields: (1)stock market price drives mergers;(2)Tobin”s Q drives mergers;(3)capital liquidity drives mergers;(4)multi-financial factors drive mergers;(5)valuation deviation drives mergers;(6)reference point effect drives mergers.This paper reviewed these six viewpoints in details, meanwhile, proposed a new theoretical analysis framework of merger wave motivation theories.
Merger motivation Merger wave theory Market timing theory Tobin”s Q theory
YU Yu WANG Jian-qiong
School of Economics and Management ,Southwest Jiaotong University, Chengdu 610031, China
国内会议
中国管理科学与工程学会2013年年会暨第十一届中国管理科学与工程论坛
北京
英文
143-149
2013-11-02（万方平台首次上网日期，不代表论文的发表时间）