资本结构对并购支付方式的影响——基于上市公司产权属性的研究

发布时间：2018-01-19 13:17

本文关键词： 资本结构并购支付方式产权属性财务管理国企改革公司治理股权结构　出处：《东岳论丛》2017年02期 　论文类型：期刊论文

【摘要】：资本结构是现代企业财务管理研究的重点,并购支付决策作为并购活动中的重要环节,涉及企业融资及投资活动并受资本结构的影响,同时其也成为企业调整资本结构的契机。本文以上市公司产权属性为视角,选取2010-2013年上市公司并购案例为样本,采用实证检验的方法,研究在我国市场化进程不断推进及国有企业改革不断深入的背景下,企业的资本结构如何影响其并购支付方式,以及对于不同产权属性的企业,资本结构对并购支付方式的影响是否存在差异,以期能在为企业的并购支付决策提供理论依据和实证支持的基础上提出对策建议,以提高并购效率。
[Abstract]:Capital structure is the focus of the research on financial management of modern enterprises, mergers and acquisitions payment decision as an important part of mergers and acquisitions, involving corporate financing and investing activities and affected the capital structure, while it has also become an opportunity to adjust the capital structure of enterprises. Based on the attribute of the property right of the listed company as the angle of view, select the 2010-2013 in the case of mergers and acquisitions of listed companies the sample, using the empirical method, the research in our country and continuously promote the reform of state-owned enterprises in-depth background, how to influence the capital structure of enterprises merger, and for the different property rights of enterprises, capital structure influence on merger payment if there is a difference, in order to pay the decision provides the basic theoretical basis and empirical support for the proposed countermeasures and suggestions for enterprises to improve the efficiency of mergers and acquisitions, mergers and acquisitions.

【作者单位】：长沙理工大学经济与管理学院;
【基金】：山东省社科规划基金项目“会计师事务所审计质量控制问题”(课题编号:11CJJJ34)的阶段性成果
【分类号】：F275.5;F832.51
【正文快照】： (1)Graham,J.,Harvey,C..The Theory and Practice of Corporate Finance:Evidence from the Field.Journal of Financial Eco-nomics,2003,60(1):187-243.(2)陆正飞,高强:《中国上市公司融资行为研究——基于问卷调查的分析》,《会计研究》,2003年第10期。(3)肖作平:《资本结

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