基于国家风险的我国企业跨国并购交易财务政策选择研究

发布时间：2018-04-27 19:57

本文选题：跨国并购 + 融资方式　；参考：《中央财经大学学报》2014年03期

【摘要】：跨国并购是我国企业提高国际竞争力,进行海外扩张的重要方式。其中,支付方式、融资方式及溢价率高低的政策选择对跨国并购交易成败起关键作用。笔者以2005—2012年217起跨国并购案例为研究样本,基于是否存在国家风险假定,检验了融资方式、溢价率等财务政策选择对并购成功的影响。实证检验结果表明,国家风险降低了跨国并购成功的可能性;内源融资方式使并购交易成功的可能性增加,但在高国家风险水平下,选择内源融资政策对交易成功的正向影响作用变小;溢价率对并购交易成败具有至关重要的影响作用,溢价率越高,并购交易成功的可能性显著减小;在国家风险水平较高时,选用内源融资方式及较低的溢价率财务政策,可有效提高跨国并购交易成功的可能性。
[Abstract]:Transnational M & A is an important way for Chinese enterprises to improve their international competitiveness and expand overseas. Among them, the policy choice of payment, financing and premium rate plays a key role in the success or failure of cross-border M & A transactions. Taking 217 cross-border M & A cases from 2005 to 2012 as a sample, based on the assumption of national risk, the author examines the impact of financial policy choices, such as financing mode and premium rate, on the success of M & A. The empirical results show that the national risk reduces the probability of successful cross-border M & A, and endogenous financing increases the probability of successful M & A transaction, but under the high national risk level, The positive effect of the choice of endogenous financing policy on transaction success becomes smaller; the premium rate has a vital effect on the success or failure of M & A transaction. The higher the premium rate is, the less likely it is to succeed in M & A transaction; when the national risk level is high, the possibility of successful M & A transaction will be significantly reduced. The choice of endogenous financing and low premium financial policy can effectively improve the probability of successful cross-border M & A transactions.
【作者单位】：中央财经大学会计学院;
【基金】：国家社会科学基金项目(13BFX126) 国际合作研究项目“A Comparison of the Enterprise Risk Management Implementation between China and Australia”
【分类号】：F234.4;F271;F224

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