错误定价理论认为市场的错误定价是并购市场的重要驱动因素。该模型的基本观点认为,事前市场错误定价越大,则并购浪潮越可能出现,并且股价被高估的公司倾向于收购股价相对被低估的公司。本文对股票市场驱动并购模型进行了深入分析,探讨了SV和RKV理论代表模型的利与弊,并对此提出了修正意见,为进一步的实证研究打下坚实的理论基础。 According to the theory of wrong pricing, the wrong pricing in the market is an important driving factor in the M & A market. The basic idea of ​​the model is that the greater the mispricing of ex ante markets, the more likely the wave of mergers and acquisitions is and the overvalued firms tend to buy companies that are relatively undervalued. This paper deeply analyzes the stock market driven M & A model, discusses the pros and cons of SV and RKV theory representative model, and proposes amendments to it, laying a solid theoretical foundation for further empirical research.