發(fā)布時間：2018-04-16 04:23

  本文選題：并購支付方式 + 融資約束�。� 參考：《浙江工業(yè)大學(xué)》2014年碩士論文

【摘要】：面對國際國內(nèi)風(fēng)起云涌的并購市場和如火如荼的并購活動,并購一直吸引著學(xué)術(shù)界的眼球,由此也衍生出了一系列研究熱點,主要包括并購的動因研究、并購模式創(chuàng)新研究、并購產(chǎn)生的財務(wù)風(fēng)險和稅務(wù)風(fēng)險研究、并購績效評價,以及并購?fù)瓿珊蟮钠髽I(yè)文化、資源、人力、技術(shù)等的整合研究。對于并購支付方式的選擇及影響因素研究還多處于規(guī)范研究階段,雖取得了大量研究成果,但實證研究較為缺乏,以融資不受約束為潛在假設(shè)條件的并購支付方式相關(guān)研究,并未將融資約束納入到影響并購對價方式選擇的因素群之中。我國目前正處于經(jīng)濟(jì)轉(zhuǎn)型發(fā)展階段,資本市場不完善導(dǎo)致的信息不對稱和代理問題比發(fā)達(dá)資本主義國家嚴(yán)峻很多,由此產(chǎn)生的內(nèi)外部融資成本的差異導(dǎo)致的融資約束問題是我國企業(yè)在發(fā)展過程中不得不面對的問題。有融資約束的公司傾向于留存更多現(xiàn)金以備未來投資需求,必然影響投融資決策,導(dǎo)致企業(yè)在并購過程中對支付方式的不同選擇。本文以融資約束為新視角,主要研究有融資約束的上市公司在支付并購對價過程中對現(xiàn)金和股票兩種支付方式如何做出抉擇,以及融資約束的存在會不會促使能產(chǎn)生大量自由現(xiàn)金流的上市公司做出與在沒有融資約束情況下完全不同的并購支付方式選擇。因而本文的研究將對現(xiàn)有融資約束理論及并購支付理論進(jìn)行重要補充和實證檢驗。本文通過對理論與實際的結(jié)合研究,梳理了融資約束相關(guān)理論、并購支付方式選擇的影響因素理論,厘清了兩者的影響關(guān)系。通過統(tǒng)計數(shù)據(jù),分析了我國并購市場發(fā)展現(xiàn)狀,支付方式選擇現(xiàn)狀,同時結(jié)合最新的公司法和證券法分析了我國企業(yè)目前面臨的融資約束現(xiàn)狀,并通過篩選2008年到2013年的上市公司發(fā)生的并購事件,選取相關(guān)指標(biāo),運用logistic回歸的方法,針對本文研究內(nèi)容得到了如下主要結(jié)論：(1)融資約束并購支付方式的選擇顯著相關(guān),有融資約束公司選擇股票支付方式的可能性更大。(2)通過引入現(xiàn)金流與融資約束的交互項進(jìn)行l(wèi)ogistic回歸,我們發(fā)現(xiàn)現(xiàn)金流水平對并購支付方式選擇的影響減弱了,即使現(xiàn)金流水平較高的公司在有融資約束的情況下,也可能會放棄現(xiàn)金支付而選擇股票支付并購交易對價。
[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.
【學(xué)位授予單位】：浙江工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F271;F275

【參考文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 方小富;企業(yè)并購的免稅政策研究[D];財政部財政科學(xué)研究所;2011年

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本文編號：1757288