基于融资约束视角的我国企业并购支付方式选择研究

发布时间：2018-04-16 04:23

本文选题：并购支付方式 + 融资约束　；参考：《浙江工业大学》2014年硕士论文

【摘要】：面对国际国内风起云涌的并购市场和如火如荼的并购活动,并购一直吸引着学术界的眼球,由此也衍生出了一系列研究热点,主要包括并购的动因研究、并购模式创新研究、并购产生的财务风险和税务风险研究、并购绩效评价,以及并购完成后的企业文化、资源、人力、技术等的整合研究。对于并购支付方式的选择及影响因素研究还多处于规范研究阶段,虽取得了大量研究成果,但实证研究较为缺乏,以融资不受约束为潜在假设条件的并购支付方式相关研究,并未将融资约束纳入到影响并购对价方式选择的因素群之中。我国目前正处于经济转型发展阶段,资本市场不完善导致的信息不对称和代理问题比发达资本主义国家严峻很多,由此产生的内外部融资成本的差异导致的融资约束问题是我国企业在发展过程中不得不面对的问题。有融资约束的公司倾向于留存更多现金以备未来投资需求,必然影响投融资决策,导致企业在并购过程中对支付方式的不同选择。本文以融资约束为新视角,主要研究有融资约束的上市公司在支付并购对价过程中对现金和股票两种支付方式如何做出抉择,以及融资约束的存在会不会促使能产生大量自由现金流的上市公司做出与在没有融资约束情况下完全不同的并购支付方式选择。因而本文的研究将对现有融资约束理论及并购支付理论进行重要补充和实证检验。本文通过对理论与实际的结合研究,梳理了融资约束相关理论、并购支付方式选择的影响因素理论,厘清了两者的影响关系。通过统计数据,分析了我国并购市场发展现状,支付方式选择现状,同时结合最新的公司法和证券法分析了我国企业目前面临的融资约束现状,并通过筛选2008年到2013年的上市公司发生的并购事件,选取相关指标,运用logistic回归的方法,针对本文研究内容得到了如下主要结论：(1)融资约束并购支付方式的选择显著相关,有融资约束公司选择股票支付方式的可能性更大。(2)通过引入现金流与融资约束的交互项进行logistic回归,我们发现现金流水平对并购支付方式选择的影响减弱了,即使现金流水平较高的公司在有融资约束的情况下,也可能会放弃现金支付而选择股票支付并购交易对价。
[Abstract]:In the face of the booming international and domestic M & A market and the vigorous M & A activities, M & A has been attracting the attention of the academic community, which has also generated a series of research hot spots, mainly including the research on the motivation of M & A, the research on the innovation of M & A mode.The financial risk and tax risk of M & A, the performance evaluation of M & A, and the integration of corporate culture, resources, manpower, technology and so on after the completion of M & A.The research on the choice and influencing factors of M & A payment mode is still in the normative stage. Although a large number of research results have been obtained, the empirical research is relatively lacking, and the related research on M & A payment mode with the potential assumption of unconstrained financing.Financing constraints are not included in the factors that affect the choice of consideration mode of M & A.At present, China is in the stage of economic transformation and development. The information asymmetry and agency problems caused by the imperfection of the capital market are much more severe than those of the developed capitalist countries.The financing constraints caused by the difference of internal and external financing costs are the problems that Chinese enterprises have to face in the process of development.Companies with financing constraints tend to retain more cash for future investment needs, which will inevitably affect investment and financing decisions, resulting in different payment options in the process of mergers and acquisitions.From the perspective of financing constraints, this paper mainly studies how the listed companies with financing constraints make a choice between cash and stock payment in the process of paying M & A consideration.And whether the existence of financing constraints will promote the listed companies which can generate a large amount of free cash flow to choose a completely different way of payment from mergers and acquisitions without financing constraints.Therefore, the research of this paper will be an important supplement and empirical test to the existing financing constraint theory and M & A payment theory.Through the combination of theory and practice, this paper combs the related theory of financing constraint, the theory of factors influencing the choice of M & A payment method, and clarifies the influence relationship between the two.Based on the statistical data, this paper analyzes the current situation of M & A market development, the choice of payment methods, and the financing constraints faced by Chinese enterprises in the light of the latest company law and securities law.By screening the M & A events of listed companies from 2008 to 2013, selecting the relevant indicators and using the logistic regression method, the main conclusions of this paper are as follows: 1) the choice of the financing constraint M & A payment method is significantly related.By introducing the interaction of cash flow and financing constraints to carry out logistic regression, we find that the influence of cash flow level on the choice of M & A payment mode is weakened.Even companies with higher cash flows may give up cash payments in favor of stocks to pay the M & A price when there are financing constraints.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275

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