Factors influencing wealth creation from mergers and acquisitions: A meta‐analysis
通过元分析综合多项实证研究，发现目标公司股东在并购中显著获利，而竞标公司股东未获利；股票融资、多个竞标者等因素对双方财富有不同影响。
Abstract This study analyzes the empirical literature concerning the influence of various factors on shareholder wealth creation in mergers and acquisitions using a multivariate framework. Overall, results indicate that while the target firm's shareholders gain significantly from mergers and acquisitions, those of the bidding firm do not. Findings also indicate that the use of stock financing has a significant impact on the wealth of both the target and bidding firms' shareholders. The presence of multiple bidders and the type of acquisition influence the bidders' return, while regulatory changes and tender offers influence the targets' returns. The paper also provides a comparison of our findings with that of previous narrative reviews and discusses their implications from the viewpoint of managers and researchers.