资本结构对并购支付方式的影响研究——基于我国资本市场背景的分析

发布时间：2018-03-26 00:15

本文选题：资本结构　切入点：企业并购　出处：《管理评论》2015年08期

【摘要】：资本结构与支付方式之间的关系是企业并购的核心问题。然而,已有的研究并未关注资本市场的阶段特征可能会影响资本结构与支付方式之间的关系,本文结合我国资本市场发展阶段特征,系统研究了资本结构对并购支付方式的影响。结论表明:杠杆赤字对支付方式具有显著的影响,杠杆赤字越高,并购中使用现金支付的可能性越小;杠杆赤字对支付方式的调节作用在市场低迷和高涨时期存在显著差异,称为"赤字择时效应",资本市场阶段特征对支付方式具有显著影响,称为"支付择时效应";最后,提出了研究结论的政策含义。本研究对于丰富企业并购领域的资本结构理论和形成新兴和转轨资本市场条件下的并购支付理论都具有重要价值,同时,也可以提高并购实践中企业支付方决策的科学化水平。
[Abstract]:The relationship between capital structure and payment mode is the core issue of M & A. however, previous studies have not paid attention to the stage characteristics of capital market may affect the relationship between capital structure and payment mode. Based on the characteristics of the stage of capital market development in China, this paper systematically studies the influence of capital structure on the payment of M & A. the conclusion is that the leverage deficit has a significant effect on the payment mode, and the higher the leveraged deficit is, the higher the leveraged deficit is. The lower the possibility of using cash payment in M & A is, the significant difference exists between the regulating effect of leveraged deficit on payment mode during the period of market downturn and upsurge, which is called "deficit timing effect", and the capital market stage characteristics have significant influence on payment mode. Finally, the policy implications of the research conclusions are put forward. This study is of great value to enrich the capital structure theory in the field of M & A and to form the M & A payment theory under the condition of emerging and transitional capital market. At the same time, it can also improve the scientific level of enterprise payer decision in M & A practice.
【作者单位】：天津大学管理与经济学部;山东财经大学会计学院;
【基金】：教育部人文社会科学规划基金项目(11YJA630208) 山东省自然科学基金面上项目(ZR2014GM006)
【分类号】：F832.51;F271

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