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论文作者（签名）：
2023年 1月 6日
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2023年 1月 6日
创业板企业海外高溢价并购动因及经济后果研究——以数知科技为例
摘要
在当今严峻的全球竞争环境中，兼并和收购作为一种有效的经济参与企业发展的
形式受到许多管理者的青睐。事实也表明，许多公司成长为企业巨头，往往利用兼并
和收购来实现扩大规模的目标。我国上市公司海外并购重组的热潮在不断攀升，与此
同时创业板公司也加入海外并购行列。根据国泰安数据库的数据统计，创业板企业高
溢价并购的数量偏高，平均占比高达 67%，同时 2014-2021年创业板企业海外溢价并
购并购溢价率持续增长，并在 2021年达到峰值，为 500.31%。随着并购重组规模的
不断扩大和中国并购步伐的加快，海外并购中企业估值和交易终端价格偏高的现象在
创业板越来越普遍。高溢价并购伴随着高预期和高收益，导致溢价泡沫和经营风险增
加。
2016年，国内通信基础设施行业竞争加剧，毛利率下降，劳动力成本上升，以
及行业整体盈利能力逐步下降的背景下，数知科技为采取外延式战略，高溢价并购
BBHI公司，期望实现战略转型并提升企业盈利能力。本文以信息不对称、多元化经
营、协同效应和信号理论为研究基础；以案例研究、事件研究和财务指标分析为研究
方法，分析数知科技公司海外高溢价并购动因及产生的经济后果。本文认为数知科技
海外高溢价并购BBHI存在内外动因。内因：一是借助外延式发展推进公司战略转型；
二是追求业务与财务协同效应；三是提升公司市值吸引更多投资者。外因：二是国家
出台相关政策鼓励；三是互联网行业存在发展红利；三是BBHI契合数知科技战略需
求。
通过研究，本文发现：在短期内数知科技的短期资本反应和短期财务绩效以及非
财务绩效反应良好，短期内给企业带来利润与技术。但长期分析来看，此次并购使得
数知科技的股价和利润远远低于其并购前的水准，长期资本市场反应和财务绩效表现
较差，面临着退市的风险。结合EVA分析，数知科技EVA值在业绩承诺期结束后下降，
且低于并购前的水平。同时企业的股价、利润收入下降，从侧面可以看出对企业的中
小投资者也带来损失，并且数知科技在2020年发生高额的商誉减值，损害数知科技
的行业信誉。据此分析并购带来的风险，包括BBHI估值过高风险、股市风险以及财
务风险，并对数知科技和创业板企业提出相应的政策性建议，希望为创业板企业的良
性并购提供案例。
关键词：数知科技；海外溢价并购；并购风险
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创业板企业海外高溢价并购动因及经济后果研究——以数知科技为例
ABSTRACT
In today ' s severe global competitive environment, mergers and acquisitions as an
effective form of economic participation in enterprise development are favored by many
managers. Facts also show that many companies grow into corporate giants, often using
mergers and acquisitions to achieve the goal of scale. The upsurge of overseas mergers and
acquisitions of listed companies in China is constantly rising. At the same time, GEM
companies have also joined the ranks of overseas mergers and acquisitions. According to
the data statistics of the Cathay Pacific database, the number of high-premium mergers and
acquisitions by GEM companies is high, accounting for an average of 67 %. At the same
time, the premium rate of overseas premium mergers and acquisitions by GEM companies
continued to grow from 2014 to 2021, and peaked in 2021, at 500.31 %. With the
continuous expansion of the scale of mergers and acquisitions and the acceleration of
China 's mergers and acquisitions, the phenomenon of high corporate valuation and
transaction terminal prices in overseas mergers and acquisitions is becoming more and
more common in the GEM. High premium mergers and acquisitions are accompanied by
high expectations and high returns, resulting in premium bubbles and increased operational
risks.
In 2016, against the backdrop of intensifying competition, declining gross margins,
rising labor costs, and gradually declining overall industry profitability in the domestic
communication infrastructure industry, Digital Knowledge Technology, in order to adopt
an outbound strategy, acquired BBHI Corporation at a high premium, expecting to achieve
strategic transformation and enhance corporate profitability. This paper uses information
asymmetry, diversification, synergy effect and signaling theory as the research bases; case
study, event study and financial index analysis as the research methods to analyze the
motivation and economic consequences of the overseas high premium M&A of Digital
Knowledge Technology Corporation. This paper concludes that there are internal and
external reasons for the high premium overseas M&A of BBHI. Internal reasons: First, to
promote the strategic transformation of the company through outward development;
second, to pursue business and financial synergy; third, to increase the market value of the
company to attract more investors. External reasons: Secondly, the country has issued
relevant policies to encourage; thirdly, the Internet industry has a development dividend;
thirdly, BBHI fits the strategic needs of Digital Knowledge Technology.
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