本篇研究使用62筆發生在中國1999-2008年的購併交易，探討是否發生在集圑內的購併交易容易支付較高的購併溢價以及公司治理機制對購併溢價的影響。研究發現發生在集圑內的購併交易具有利益輸送的動機，並且會透過給付過高的購併溢價進行。此外，本研究發現購併溢價與有發行H股的公司呈現顯著正相關，與控制股東佔董事會席次呈現顯著負相關；具有利益輸送的動機。

In this paper, we discuss the mergers and acquisitions transactions happened in China and examine whether mergers and acquisitions happened in the same business group have paid higher premiums. We use 62 acquisitions during 1999-2008 and find higher acquisition premiums are paid in mergers and acquisitions happened in the same group, indicate such transactions have tunneling motive. In addition, we also examine whether corporate governance mechanism of the acquiring firms affect acquisition premiums. We find acquisition premiums are positively correlated with firms issuing H-shares but negatively correlated with proportion of controlling shareholders of board.

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