Quantifying Operational Synergies in a Merger/Acquisition
从生产端出发，建立模型帮助收购方高管判断基于运营协同效应能支付多少溢价，发现收购方与目标公司的生产特征显著影响协同价值。
Merger and acquisition activity has increased sharply in the last decade. It seems useful to have models that can help senior managers of bidder firms make informed decisions about the amount of premium, over the target's share prices prevailing prior to merger announcement, that can be justified on the basis of operational synergies. The goal of this article is to capture important parameters from the production side that have a bearing on the valuation of the target's shares. We show that the production characteristics of both the bidder and the target matter in a significant way. For example, if the bidder and target operate in independent markets, the bidder has flexible production facilities but the target's production facilities are inflexible, then an increase in the bidder's demand can make the target less attractive and lower the value of operational synergy.