Which multiples matter in M &A? An overview
系统梳理了并购咨询中使用的估值倍数，标准化了SDC Platinum中的倍数数据，并报告了其随时间与行业变化的描述性统计，为后续研究提供基础与指引。
Abstract This paper provides an overview of valuation multiples in mergers and acquisitions advisory. I review the literature and legal controversies and the theoretical basis for their role. I then standardize all the advisor multiples available in SDC Platinum along four dimensions and report rich descriptive statistics on each dimension over time and across industries. I highlight eight findings that are notable in light of current knowledge and debates. This paper answers the call from Gow et al. (Journal of Accounting Research 54(2):477–523, 2016) for thorough descriptive research, to provide a foundation and prompts for future hypothesis development. It includes an explicit guide for using this data, an overview of the key institutional details, and a discussion of tractable and open research questions.