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  • 标题:Premises and Limitations in Defining and Measuring Synergy from M&As
  • 本地全文:下载
  • 作者:Aevoae George Marian
  • 期刊名称:Ovidius University Annals: Economic Sciences Series
  • 电子版ISSN:2393-3127
  • 出版年度:2017
  • 卷号:17
  • 期号:2
  • 语种:English
  • 出版社:Ovidius University Press
  • 摘要:Mergers and acquisitions are performed worldwide mainly because of synergy. Although many invoke the term synergy as the key motivation of why they engage in M&As,research has led us to understand that it is not very clear in terms of what it actually is. In the scientific literature,synergy is mostly defined as being “2+2=5”. Thus,we first thought that it can only be a positive effect. But,latter on,we found out that synergy is not only positive,it can be negative as well,known as negative synergy or dyssynergy. The purpose of this paper is to shed some light on what is synergy,how can we quantify and classify it and why acquiring firms tend to pay more for the target firm. We believe that there is a link between the amount of premium paid for a target firm and the expectations for synergy.
  • 关键词:synergy;mergers;acquisitions;dyssynergy
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