| Growth is the issue that almost all the firms need to focus on,this paper combines the theory of the firm growth,based on the perspective of the growth pressures managers faced to study the impact of the two factors of relative organic growth of industry and acquisition dependence on the acquisition premium and acquisition performance,moreover this paper tests the mediating effort of acquisition premium.By selecting Sunline Tech Co Ltd.as the research subject,this paper thoroughly analyzes the acquisition premium and acquisition performance.In the empirical part,this paper takes the theory of firm growth as the theoretical basis,then choses the acquisition data from the industry of TMT between 2015 and 2016 in listed firms in China's capital markets to study the relationship between the growth pressures and the acquisition premium and acquisition performance.The research results indicate that: for the acquisition performance,the relative organic growth of industry is significantly positively correlated with acquisition performance;The acquisition dependence is significantly negatively correlated with acquisition performance.For the acquisition premium,the relative organic growth of industry is significantly significantly negatively correlated with acquisition premium;The acquisition dependence is significantly positively correlated with acquisition premium.In addition,the test of mediating effort of acquisition premium shows that,when using CAR as short-term acquisition performance indicators,acquisition premium plays a mediating role in the paths of relative organic growth of industry and acquisition dependence,that means relative organic growth of industry and acquisition dependence not only direct impact short term acquisition performance,but also indirect impact on short term acquisition performance through the intermediary variable of acquisition premium.When using ?ROA as long-term acquisition performance indicators,acquisition premium has no mediating effect.According to the results of the study,the firms with low relative organic growth of industry have poor acquisition performance.The firms that relying on acquisition to obtain high growth tend to be poor acquisition performance.The firms that rely on acquisition to obtain a high growth tend to pay high acquisition premium,indicating that such firms are more eager to grow through acquisition and more willing to pay higher bides to the target.What's more,acquisition premium plays a partial intermediary role between the pressure of firm growth and acquisition premium.In case section,this paper constructs the theoretical model on acquisition premium and acquisition performance form the perspective of the growth pressures managers faced.Taking a series of Sunline's acquisition event as an example,firstly describe the growth pressures that managers faced from the three dimensions of the manger's characteristics,relative organic growth of industry and acquisition dependence.Moreover,describing the growth of the industry and taking the time of Sunline's acquisition event as a clue to research acquisition premium,then evaluate the acquisition performance from the following two aspects: CAR and the relative profitability of industry.The research shows that the organic growth of Sunline is lower than both the average organic growth of the same industry and the organic growth of comparable firm,this means the sluggish growth of Sunline make the managers subject to growth pressures.As a result,Sunline completed several high premium acquisitions during the study,which improve the dependence of acquisition and further instruct Sunline becomes dependent on acquisitions for continuing growth and prefer to overpay for acquisition which cause high acquisition premium.For the acquisition performance,the relative profitability of industry of Sunline and CAR of Sunline had not improved.In summary,the conclusion of this paper has been verified in the specific case,showing that the conclusion of this paper in certain degree is credible. |
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