关键词: 并购溢价, 盈利质量, 并购绩效, 匹配效应 ,

Abstract:  Based on the M&A data of Chinese companies from 2008 to 2019, this paper finds positive shortterm and longterm matching effects: acquirers earn higher performance when their M&A premium matches the target firms earnings quality This paper also confirms the signal transmission mechanism of shortterm matching effect and the investment efficiency and synergy mechanism of longterm matching effect Further research shows that such shortterm and longterm matching effects still exist in continuous M&A, but only shortterm matching effects work in the M&A supported by industrial policy This paper expands the theoretical framework of the rationality of M&A premium and provides a reference for correctly understanding the effect of matching on M&A performance and resource reallocation

Key words: 并购溢价, 盈利质量, 并购绩效, 匹配效应 ,