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1、AbstractAbstractPriceisoneofthefactorsinfluencingpeopletomakedecisionsinamarkettransaction,asacomprehensiveindicatorreflectsthemarket,whenpeoplearebuyinggoods,boththevalueofthecommodityandthepriceneedtoconsider.Thepriceofgoodswhosevaluefluctuatesaround,whenpayingto
2、pdollar,tocreateapremium.Atthispointistogetthevalueofgoods,butnotconducivetotheinterestsofthebuyer.InterpretationoftraditionalfinancetheoryforM&AisthatMergersandacquisitionsforthecompanytobringthemanagement,financialandoperationalsynergiescanreducetheaveragecostofa
3、nincreaseinoperatingincome,butwhethersynergiescanbringthedesiredresultsthereisuncertainty.Predictionofthingstocome,becausenotdecidedbasedonasinglefactor,facedbigrisks,coupledwiththehighpricepaidrelativepremium,twoareaswheretheimpactisnotconducivetotheacquirer.There
4、aremanyfactorsaffectingtheacquisitionpremium,inordertobeabletocognitivesystemsacquisitionpremium,fromthetheoreticalleveltoconstructaframeworkneedstobeanalyzed.Basedonbehavioralfinancetheorypointofview,fromtheperspectiveofpeople'sinvestmentdecisions,withlistedcompan
5、iesasacquirers,accordingtobehavioralfinancetheorytoconstructaframeworkformergeranalysis,basedonthreecomponentstoanalyzethecausesofinfluencecorporatedecision-making.Thesethreepartsare:theimpactframeworkofthetargetcompany,theacquirercompany'sdecisionframeworkandtheim
6、pactofmergerandacquisitionstagesframework,thengothroughthisthree-partanalysisofreasonsaffectingtheacquisitionpremium,andfinddatatoprovetheimpactfactor.Aftermerger-relateddatacollectedinourcountrylistedcompany,usingmultipleregressionmethodsandDescriptiveStatisticsan
7、alysis,concludedthat1.forthetargetcompany'soverlyoptimisticoftheindustrywerethemainfactorsoftheacquisitionpremiumisraised,2.Undertheinfluenceofmentalaccounting,extraproceedswilleasilyformtheacquisitionpremium,3.Changesinthemechanismofdecision-makingoftheBoardofIIAb
8、stractmanagementofthecompanycannothavearemarkableimpactonacquisitionpremiumreduction.Basedontheaboveconclusionsoftheanalysisfoundthatacquisitionp
