在企业合并中，我们常会见到收购对价与标的资产价值并不对等的情况。大多数情况下，企业并购的交易对价通常高于其收购的实物资产的价值。这部分交易溢价反映出收购方在做收购决策时常常考虑的不仅是实物资产本身，更多的是在于标的企业的业务和经营能否给自己带来未来的增值。

In business combination, deal considerations usually do not match the real asset values of the target company. In most cases, transaction values are usually higher than the value of targets' real assets. The transaction premiums reflect the fact that acquirers often pay more attention to the potential value appreciation from the transaction, instead of the acquired real assets themselves.