| Correlation Theory | Influence Factor | Major Elements | Related Scholars |
| Differences between National Culture and Institution | The degree of protection of investors and the perfection of accounting standards in the countries where the merged enterprises are located are positively correlated with the M&A premium. | Rossi and Volpin, 2014; John et al., 2010; Bris et al., 2008 | |
| Government corruption, political barriers and cultural distance in the countries where the merged enterprises are located are negatively correlated with the premium level. | Weitzel, 2006; Wan, 2009; Wen Riguang, 2015 | ||
| Industry Characteristics | The high growth of industry market and the level of marketization are positively correlated with M&A premium. | Rhoaes, 1987; Mandelker, 1974 | |
| Information Asymmetry Theory, Value Creation Theory | Size, Financial Characteristics and Equity Concentration of Passively-Merged Enterprises | There is a negative correlation between the size of merged enterprises and the premium of mergers and acquisitions. | Li Yishi, 2014 |
| Equity concentration is positively correlated with M&A premium. | Ferguson, 1994; Ferris, 1977; Megginson, 1990 | ||
| P/E ratio and book value ratio are negatively correlated with M&A premium level, while R&D investment and growth rate after investment are positively correlated with M&A premium level. | Laamanen, 2007; ZouCaifen, 2011 | ||
| Value Creation Theory | Financial Characteristics of Actively-Merging Enterprises | The free cash flow of the actively-merging enterprises is positively correlated with the premium; cash payment will lead to a lower premium. | Gondhalekar et al., 2004; Huang Benduo et al., 2009; de La Bruslerie, 2013 |
| The Relative P/E Ratio of actively-merging enterprises is negatively correlated with M&A Premium. | Nielsen and Melicher, 1978 |