公司并购中支付方式的研究

在公司兼并或发盘收购中,支付方式对收购者及被收购者企业的股东收益会产生影响。使用现金收购,意味着该公司的股票价值被低估或表明企业有足够的未来现金流量来抓住投资机会;而使用股票则是因为管理人员认为股票被高估或暗示收购者可能缺乏足够的内部资金来源。作为一种新现象,在与兼并或收购活动的相关方面,垃圾债券受到广泛关注。

On Payment in Company Merge

In company merge,payment influences the purchasers income and the shareholders of the enterprise sold.By means of purchasing,it suggests that the bonds value of a company is underestimated or the enterprise has enough future cash flow to hold the chance of investment.However,the reason of using bonds is that managers hold bonds value overrated, or it suggests that purchasers are short of bond.As a new phenomenon ,junk bonds are concerned with the relative aspects of merging.