并购对价方式选择:公司特征与宏观经济冲击

Choice of Payment Method in Mergers & Acquisitions: the Company Features and Macro Economic Shocks

并购对价是公司顺利完成并购交易的前提,也是并购整合成功与否的保障。以2006—2009年间的265例并购交易为研究样本,采用Logistic回归方法,将微观公司特征变量与宏观经济冲击变量纳入同一研究框架,重点考察在我国特有的宏观环境下并购对价方式选择决策的驱动因素。研究结果表明:并购公司在选择对价方式时,主要关注公司债务融资能力、目标公司的信息不对称、公司未来投资需求以及经济发展水平和货币政策的影响,较少考虑控制权稀释威胁的影响;股票市场的发展水平与并购对价方式选择不存在显著关系,这意味着"市场择时"理论在中国并购市场上并不适用。

Payment methods in M﹠A are the premise, under which a company could smoothly finish the M﹠A transaction, and it is also the security to guarantee the success of M﹠A integration. Based on 265 M﹠A transactions taking place during 2006 and 2009, and by using logistic regression, this thesis has built a multiple regression model which includes not only com- pany feature variables but also macroeconomic shocks variables into one research framework, to examine the specific determi- nants of payment methods of M﹠A in Chinese M﹠A market. The results of the study show that： when the bidders choose pay- ment method, they pay more attention on the debt financing ability, target company＇s information asymmetry, the company fu- ture investment opportunities, as well as the influence of the economic development level and monetary policy; Considering less the threat of diluted control, and there is no significant relationship between the extent of stock market development and M﹠A payment method. This means that ＂market timing＂ theory is not suitable for Chinese M﹠A market.