公司控制权、信息不对称与并购支付方式

本文以1998-2007年间我国沪深两市的253起并购事件为对象,从公司控制权和信息不对称角度研究了并购支付方式的影响因素,研究发现:(1)当主并方大股东的持股比例位于中间水平(30～60%)时,为避免控制权转移,主并方一般选择现金支付(包括承债支付);而当持股比例较低或较高(超出30～60%)时则更倾向于股票支付;(2)交易双方的相对规模愈小,信息不对称愈小,主并方愈倾向于采用现金支付.但交易双方是否位于相同行业,对并购支付方式选择无显著影响.研究还发现,主并方的资金实力与现金支付正相关,而财务杠杆、投资机会、有形资产等因素与并购支付方式的关系不明显.

Corporate Control,Information Asymmetry and the Method of Payment for Mergers and Acquisitions

The paper studies merger and acquisition(M&A) payment choices of China's listed companies in 1998-2007 period,focusing on corporate control and information asymmetry aspects.The research shows that:(1) to consider the threat of the voting control,bidders prefer cash financing of M&A transactions when a bidder's controlling shareholder has an intermediate level of the stock in the scale of 30-60%;(2)when relative deal size(used as a proxy variable to measure information asymmetry)is smaller,the bidder is mor...