跨境并购融资方式股东财富效应研究——基于上市公司面板数据

发布时间：2018-02-01 12:32

本文关键词： 跨境并购债务融资股权融资融资方式股东财富　出处：《江西财经大学学报》2017年03期 　论文类型：期刊论文

【摘要】：随着中国经济的多年快速发展及全球化的深度参与,大批中国企业纷纷出海开展跨境并购,在这一过程中必然要面对由跨境并购所涉大额资金所产生的融资问题。内源性融资往往难以满足其大额资金需要,在外源性融资方面国内上市公司又存在着强烈的股权融资偏好。而相关融资理论表明,债务融资相比股权融资往往更有助于股东财富的增值,实现企业价值的优化。以近年来中国上市公司开展的跨境并购项目为研究对象,通过理论及实证分析从整体上对债务及股权融资方式的股东财富影响进行了研究。研究结果与相关理论假设基本相符,即国内上市公司跨境并购债务融资方式相比股权融资方式能够在短期内给股东带来更多的财富效应。
[Abstract]:With the rapid development of Chinese economy for many years and the deep participation of globalization, a large number of Chinese enterprises have launched cross-border mergers and acquisitions. In this process, it is necessary to face the financing problems caused by the large amount of funds involved in cross-border mergers and acquisitions. Endogenous financing is often difficult to meet its large capital needs. Domestic listed companies have a strong preference for equity financing in the aspect of exogenous financing, and the related financing theory shows that debt financing is often more helpful to increase the value of shareholders' wealth than equity financing. To realize the optimization of enterprise value. Taking the cross-border M & A project carried out by Chinese listed companies in recent years as the research object. Through the theoretical and empirical analysis of the overall debt and equity financing mode of shareholder wealth impact is studied. The research results are basically consistent with the relevant theoretical assumptions. Compared with equity financing, cross-border M & A debt financing of domestic listed companies can bring more wealth effect to shareholders in the short term.
【作者单位】：广东金融学院经济贸易系;上海外国语大学国际工商管理学院;
【分类号】：F275;F832.51
【正文快照】： 一、文献综述企业并购是企业实现外延式快速发展壮大的主要方式之一,从国际上西方发达国家愈演愈烈的并购浪潮可以看出,借并购进行资产重组早已成为企业扩大自身规模、增强竞争实力、提高经营效率的重要途径。国内早在改革开放伊始的1979年就明确提出了中国企业“走出去”发展

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