求翻译：当并购方公司与目标公司累计超额收益等于0时,说明并购活动本身并没有创造价值,在并购中并购方管理层过分乐观的估计了目标公司的股价和自己的并购能力,造成价值从并购公司转移到目标公司是什么意思？

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The Pre-IPO Share Option Scheme and Company and the target company accumulated surplus revenue is equal to 0, the M&A Activity itself did not create value in the Pre-IPO Share Option Scheme and the Share Option Scheme to management being over-optimistic in the target company's stock price and it

When the merger and acquisition side company and the goal company accumulate exceed the quota the income to be equal to when 0, explained the merger and acquisition moves itself has not created the value, in the merger and acquisition the merger and acquisition side management level excessively opti

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正在翻译，请等待...