本文以外资并购溢价为主线，剖析了溢价形成的影响因素。首先研究并购溢价是如何形成的，以及组成要素。以并购方的视角出发，选取并购方作为研究样本。本文摘取A股28家上市公司为并购研究对象按照溢价的高低不同分成三组，分别为没有溢价，低溢价，和高溢价，观察并购完成前后选取的财务指标的变化，发现其变化的规律，证明溢价形成的影响因素。现今，主流的并购研究方法通常采用两种，一是事件研究法，二是财务指标分析法。结合我国的国情和资本市场的成熟条件，本文认为采用财务指标分析法比较合适。首先分析研究背景及意义，以2006- 2013年清科数据库的数据显示，对中国企业并购情况的研究显示：2012年，受国内产业结构调整，中国经济转型，以及在人民币大幅升值的背景下内资海外并购的多重因素影响，经统计，中国并购市场共991 起交易，总金额达到507.62亿美元，同比增长 60%。后以京津啤酒，双汇等几个经典的外资并购案例引出本文论题研究的意义。然后阐述国内外对并购的研究，包括对溢价并购动机、国内外并购溢价、并购绩效的研究。最后介绍本文的研究内容及研究方法，以及本文创新。本文从外资并购的背景出发，对外资并购的发展与现状进行回顾，对并购的相关概念、特征等进行阐述。罗列若干影响并购溢价的影响因素，进行理论分析。在研究样本中，选取的28家上市公司，从并购方的财务角度分析其影响因素。明确了影响因素之后我们能更准确的抓住企业谈判中的砝码，从而控制谈判的主动权，合理地为企业定价，避免被低估，或者高估被并企业。并购后产生的溢价有两个部分，首先，本文分析股权并购定价的形成机理，并购定价包括按其股价估算的市场价值和并购溢价，然后对股权并购溢价估算。对摘取的28家上市公司为研究样本，找到与并购溢价水平存在显著相关系数的变量。讨论并购溢价与各显著相关系数的变量之间的关系，运用线性回归的分析方法，从理论上分析其影响溢价的机理。显著相关系数的财务指标变量有市净率，资产收益率，相对资产规模，对28家样本公司按照溢价的高低分为三组做比对，对比并购前一年同期和后一年同期，其净资产收益率及每股收益的变化，从而判断各变量对溢价呈正相关还是负相关，运用一元线性回归方法分析不同变量对溢价程度的影响。通过前面几章的理论阐述与实证分析，揭示了外资溢价并购我国上市公司的现状与不足，比如对评估机构的影响，对价值评估重视不够，信息不对称，还有政府的干预等。最后，归纳和阐述论文的主要结论；为上市公司的并购行为提出合理的具有针对性的建议；最后，针对本文的研究局限提出进一步研究的展望。本文的选题具有现实意义，对已经实施并购的28家企业，对其并购前后的财务数据进行选择摘取，分组对比，进行量化分析，实际是对其并购后评价项目体系做初步的研究。本文的创新之处在于将并购溢价的影响因素和并购项目后评价进行结合，在整个并购项目的不同阶段的关键点找寻其因果逻辑关系，用理论指导实践，用实践验证结论。

In this paper, the theme is the foreign M&A premium .Firstly, the acquirer is selected as the study sample and started from the perspective of this. In this paper, the removal of the 28 mergers and acquisitions of listed companies as the research object, according to the extent to which pay a premium not paid premiums into different pay low premiums , and pay a high premium three groups observed before and after acquisition-related financial data , found that premiums factors formation. Today, mainstream research methods are mainly two acquisitions, one event study method, the second is financial indicators analysis. Taking into account China's capital market conditions, we use financial indicators analysis. From the background of foreign mergers and acquisitions, development and current situation of foreign acquisitions were reviewed, the acquisition of related concepts, characteristics such as some brief analysis. Meanwhile, based on the factors that influence the acquisition premium theoretical analysis on the 28 companies as samples, from a financial point of view of its impact on the acquirer factors. After we clear the influencing factors can be more accurately grasp the business negotiations weights to control the initiative in the negotiations, reasonably priced for the enterprise, to avoid being underestimated. Premium on the acquisition of two parts:the paper analyzes the formation mechanism of pricing equity merger, acquisition price, including the estimated market value of their shares and the merger premium and the premium on equity merger estimates. On the 28 listed companies as samples extracted, find there is a significant level of M & A premium variable correlation coefficient . Premium merger discussions with the correlation coefficient significant relationship between the variables, using multiple linear regression analysis, the mechanism of its effects premium theoretical analysis. Significant correlation coefficient financial indicator variables are book value, return on assets, the relative size of the assets of the 28 sample companies according to different levels of premiums paid into three groups, before and after comparison of the average acquisition ROE and EPS order to determine the impact of different premium levels .Through theoretical and empirical research front , revealing the status quo of China's listed companies with less than premium acquisitions,such as the impact on the rating agencies, inadequate attention to valuation, information asymmetry, as well as government intervention. Finally, the paper summarized the main conclusions and elaborate; put forward specific policy recommendations for mergers and acquisitions of listed companies; Finally, the limitations of this paper for research prospects for further research.