Abstract: This paper employs two-tier stochastic frontier model to measure overseas M&A bargaining power of chinese listed companies, followed by empirical tests based on data of listed companies from 2003 to 2013. The empirical results show that: (1) the foreign enterprises’ bargaining power make the M&A price to about 53.2% higher than the equilibrium price, the bargaining power of the listed companies make the M&A price lower about 47.9% than the equilibrium price the final game result is our M&A price about 5.3% higher than the equilibrium price. (2)on average, almost all the listed companies have to receive a M&A price which is 5.3% higher than the equilibrium price. The increases of the M&A price depend on the payment method of M&A, important M&A or not, assent M&A or not, the proportion of independent directors and the proportion of managerial ownership of the listed companies.

摘要： 本文利用2003-2013年上市公司数据，测度了我国上市公司海外并购市场上的信息不对称程度，分析了我国上市公司以及国外企业在并购过程中的议价能力对并购交易价格的影响机制。研究结果表明：（1）国外企业的议价能力使得并购交易价格比理论均衡价格高出53.2%，我国上市公司的议价能力使得并购交易价格比理论均衡价格低了大约47.9%，最终达成的并购交易价格相对于均衡价格高出约5.3%。（2）平均而言，我国上市公司在海外并购过程中将被迫接受一个高于均衡价格的并购交易价格，而其所面对的上涨幅度则因支付方式、是否重大购、是否资产收购、公司独立董事比例以及管理层持股比例等因素而有所差异。