近年来并购活动如火如荼的进行着，由于互联网行业发展迅猛，许多企业将目光集中于此。但同时也出现了许多公司借壳上市、高杠杆收购等行为，公众对于高溢价并购有所警惕，甚至有人持有负面看法，高溢价收购真的是非理性的行为吗？对此，本文选取了具有代表性的高溢价并购案例——中文传媒并购智明星通进行分析。2014年中文传媒以26.6亿元的价格收购智明星通的100%的股权，当时有人质疑中文传媒估价过高，是非理性行为。如今并购已经过去了许多年，当年被质疑并购行为非理性的中文传媒企业绩效如何，是否其并购行为是非理性。本文通过研究中文传媒收购智明星通对公司经营前后所造成的影响，探讨中文传媒支付高溢价的合理性，希望能给各方提供一些参考。
M&A activity has been in full swing in the past years. Due to the rapid development of the Internet industry, many companies have focused their attention on this. However, there have also been many companies’ backdoor listings and high leveraged acquisitions. The public is wary of high-value mergers and acquisitions. Some people even hold negative opinions. Is high-price acquisition really irrational? In this regard, this paper selects a representative high-value merger case—Chinese media mergers and acquisitions wisdom star through analysis. In 2014, Chinese Media acquired 100% of Zhimingxingtong’s equity at a price of 2.66 billion Yuan. At that time, some people questioned that the Chinese media was overvalued and irrational. M&A has been going on for many years now, when the performance of Chinese media companies that were questioned about irrational M&A behaviors was questioned, and whether their M&A activities were irrational. This paper explores the impact of Chinese media acquisition of Zhimingxingtong on the company’s business before and after the operation, and explores the rationality of Chinese media payment high premium, hoping to provide some reference for all parties.
Song, M.H. and Walking, R.A. (1993) The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth. The Journal of Financial and Quantitative Analysis, 28, 439-457.
https://doi.org/10.2307/2331159
