本研究透過引用併購公司和目標公司互動的因素，延伸過去針對非有機成長以及併購溢價之間關聯性的研究。學生藉由檢視北美高科技產業的128筆併購交易以驗證本研究所提出的假設。研究結果提供了三個可能的結論。第一：如果併購公司依賴非有機成長的方式創造公司的成長，併購公司將可能變得不理性，並藉由較高的溢價完成併購交易。第二：併購公司可藉由過去併購交易所獲取的知識來增進併購公司對於併購交易的決策，即便併購公司處於極大壓力亦能夠增進併購公司的併購決策。第三，併購公司的營運狀況扮演了影響併購交易條件的重要因素。總結而言，本研究認為併購公司若能夠同時考慮內部因素（例如：理性決策模式）、外部因素（例如：被市場以及目標公司本身所低估的公司）以及互動因素（例如：協商與條件）而獲得較好的併購條件。

This study extends prior research on the relationship between dependence on inorganic growth and acquisition premium by including factors that represent the process of interaction between target firms and acquirers. We examine our hypotheses through 128 merger and acquisition (M&A) deals within the high technology industry in North America. The results firstly, indicates that when acquirers depend on inorganic methods to spur growth, they are likely to become irrational and close deals with a relatively high acquisition premium. Secondly, prior experience can facilitate an acquirer’s decisions on M&A deals even when they are rather stressed or under pressure. Finally, a target’s condition plays an essential role in influencing the final terms of the deal. In sum, we suggest that acquirers can obtain more favorable M&A deal terms when they simultaneously consider the effect of internal factors (i.e. rational decision making patterns), external factors (i.e. ideal target that is undervalued by both the market and the target itself), and interaction factors (i.e. negotiation and terms).

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