Drivers of Mergers and Acquisitions in the Telecommunication Industry: The Differences between Blockbuster and Small M&As

Yang Bai, R. Wang, Rachel X. Peng, Krishna P. Jayakar
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Abstract

ABSTRACT Although many major, blockbuster mergers and acquisitions (M&As) in the telecommunications industry have attracted much attention from both the popular press and the media economic research community, small M&A deals in fact constitute the vast majority of business expansion activities in the telecommunications industry. Utilizing the data obtained from the Zephry database for over 2500 M&A cases involving U.S telecommunications companies, this study compares small and large blockbuster M&As in several aspects and analyzes whether several factors that have been shown to influence valuation of large M&As tend to affect small M&As to the same extent. According to the regression analysis, those factors, including financial market dynamics, M&A activity momentum, types of business expansion, and the involvement of foreign companies, influence the valuation of both small and large M&As. However, the direction and magnitude of the influences are quite different among small M&As.
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电信行业并购动因:大型并购与小型并购的差异
尽管电信业中许多重大的、轰动性的并购(M&As)引起了大众媒体和媒体经济研究界的广泛关注,但实际上,小型并购交易构成了电信业业务扩张活动的绝大多数。本研究利用Zephry数据库中涉及美国电信公司的2500多起并购案例的数据,从几个方面对大型和小型重头并购进行了比较,并分析了影响大型并购估值的几个因素是否也会同样影响小型并购。根据回归分析,金融市场动态、并购活动势头、业务扩张类型、外资企业参与等因素对中小并购的估值都有影响。然而,影响的方向和程度在小型并购中有很大差异。
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CiteScore
3.10
自引率
5.30%
发文量
12
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