融资约束、支付方式与并购绩效被引量：34

Financial Constraints, the Method of Payment and the M & A Performance

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摘要以我国上市公司2009~2011年发生的并购事件为研究对象,运用Logit回归模型构建的融资约束指数,实证检验了融资约束对主并公司支付方式选择的影响;采用事件研究法检验不同支付方式的并购绩效差异;考察了融资约束与支付方式选择对并购绩效影响的交互效应。研究结果表明：相比非融资约束的主并公司,存在融资约束的主并公司更倾向于使用股票支付方式;使用股票支付获得累计超常收益显著为正,且显著大于现金支付获得的累计超常收益。对样本按融资约束分组的进一步检验结果表明,上述结论仅对融资约束公司成立,非融资约束公司不同支付方式下的超常收益并无显著差异。研究结论意味着,融资约束的主并公司在支付方式选择时并不遵循优序融资理论,留存有限的现金资源而选择股票支付是为并购后实现投资机会而保持融资灵活性的理性行为。 This paper takes the domestic M＆A events initiated by the listed companies from 2009 to 2011 as the study sample. Firstly, it empirically tests the effect of acquirers＇ financial constraint on their payment choices using financial constraint index created by Logit model, and the acquirers＇ M＆A performance of the different payments using event studying method. Moreover, the interacted effect of financial constraint and the payment methods on M＆A performance is tested. The results indicate that, financially constrained acquirers are more likely to use stock in acquisitions; The CAR of stock payments is positive and significant, and also greater than cash payments. Further test of the subsample according to the financial constraint, the results show that this conclusion is only estab- lished in financially constrained acquirers, and there is no significant difference in different payment choices of unconstrained acquirers. The findings complements that the pecking order of capital structure is violated for the payments choice of constrained acquirers, and it is rational for them offering stock to maintain financial flexibility for future investments after the acquisition.

作者李井林刘淑莲韩雪

机构地区湖北经济学院会计学院东北财经大学会计学院

出处《山西财经大学学报》 CSSCI 北大核心 2014年第8期114-124,共11页 Journal of Shanxi University of Finance and Economics

基金国家自然科学基金项目"上市公司如何选择并购对价与融资方式?--基于嵌套结构的经验研究"(71172120)

关键词融资约束支付方式并购绩效 financial constraints method of payment M＆A performance

分类号 F830.9 [经济管理—金融学]

作者简介李井林（1985-），男，湖南永州人，湖北经济学院会计学院讲师，财务管理博士，研究方向是公司理财、并购与公司治理.刘淑莲（1954-），女，辽宁大连人，东北财经大学会计学院教授，博士生导师，研究方向是公司理财、投资估价与风险管理。

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