融资压力与企业并购绩效——并购融资方式视角的分析

根据自由现金流量假说和权衡代理理论,融资压力可以通过资金成本和公司治理两个渠道,解决收购公司的过度支付和过度自信,从而提高并购绩效。文章以长江三角洲地区1997—2001年216起并购事件为研究对象,按融资压力进行分类检验,结果表明,有融资压力样本的并购绩效优于无融资压力样本;通过设置并购融资压力变量,从负债融资和内部现金流两个角度进行计量检验,结果发现,融资压力与并购绩效之间存在显著的正相关关系,进一步验证融资压力促进并购绩效的结论。

Relation between Financing Pressure and M&A Performance:A View form M&A Financing

Based on the Free Cash Flow Hypothesis and Agent Theory,the financial pressure can solve the problem of overpayment and hubris,and then improves the performance of M&A.This paper verifies this proposition based on the sample of 216 M&A cases happening from 1997 to 2001 in the listed companies of Yangtze River Delta.These samples can be divided into two categories,and these groups produce different financial pressure according to the theory of corporate finance.The results are listed as follows.Firstly,M&A's...