融资约束、支付方式与并购绩效的关系研究

本文利用中国A股上市公司2008～2010年在国内并购的数据,实证检验融资约束是否影响并购支付方式以及公司并购绩效。研究结果发现,融资约束程度的提高增加了公司采用现金支付对价的可能性;收购公司规模和交易规模对支付方式选择也具有显著影响;融资约束公司并购绩效好于无融资约束公司并购绩效;现金支付引起公司并购绩效降低,但是,这种作用在不同融资约束程度公司中存在差异。本文研究意味着融资约束公司遵循融资优序理论;自由现金流假说对于融资约束公司可能不成立。

The Relationship Between Financing Constraints,Payment Options and M&A Performance

Based on the domestic M&A data of A-share listed companies in 2008 and 2010,our paper empirically investigates whether bidders’ financial constraints affect M&A payment choices and performance.The findings indicate that high level of financing constraints increase the probability of cash payment;the size of acquirer and transaction has a significant impact on the payment options;M&A performance is better for the corporates with financial constraints than those without;paid in cash caused lower M&A performance,but the degree of impact is influenced by the degree of financial constraints.This study complements the literatures that companies with financial constraints follow the order theory and of capital structure and free cash flow hypothesis may not be valid for those companies.