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9 September 2019 Motivation and Acquisition Premium: Evidence from Chinese Shipping Industry
Wen Chen, Yongmei Cui
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Abstract

Chen, W. and Cui, Y., 2019. Motivation and acquisition premium: Evidence from Chinese shipping industry. In: Gong, D.; Zhu, H., and Liu, R.(eds.), Selected Topics in Coastal Research: Engineering, Industry, Economy, and Sustainable Development. Journal of Coastal Research, Special Issue No. 94, pp. 447–454. Coconut Creek (Florida), ISSN 0749-0208.

This paper studies influencing factors of acquisition premium for shipping industry in China with aspects of inner drive, inducement and success probability. It is based on acquisition theories and achievement theories, departing from earlier studies. Under the guidance of M&A Motivation, 379 acquisitions from 2010 to 2016 are empirically verified. The results indicate that the majority of higher premium in shipping industry in China are paid for promoting better enterprises development, and it is not highly correlated with agency motivation. The relationship between M&A motivation and acquisition premium revealed by the paper could contribute to a reasonable price bargain for the acquirer; meanwhile, the innovative consideration of inducement extends the set of influencing factors for acquisition premium.

©Coastal Education and Research Foundation, Inc. 2019
Wen Chen and Yongmei Cui "Motivation and Acquisition Premium: Evidence from Chinese Shipping Industry," Journal of Coastal Research 94(sp1), 447-454, (9 September 2019). https://doi.org/10.2112/SI94-089.1
Received: 14 March 2019; Accepted: 20 April 2019; Published: 9 September 2019
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KEYWORDS
M&A
M&A motivation
Shipping industry
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