融资约束、债务融资与海外并购绩效——光明集团并购英国维他麦案例分析

Financial Constraints, Debt Financing and Performance of Overseas Mergers and Acquisitions ——the case study of Bright Food Group M & A British Weetabix

理论上融资约束能够提高债务在海外并购中的治理功效,提高并购绩效。而案例研究发现,光明集团无论是从制度环境还是财务分析都说明了光明集团面临着融资约束;但由于光明集团的股权结构、集团规模、集团化程度、集团所在地的金融发达程度能够缓解融资约束,因此光明集团采用全杠杆融资并购。缓解融资约束使得债务产生软约束,债务融资未能在光明集团的海外并购中产生较好的债务治理功效,从而降低了海外并购绩效。从案例研究中得到如下启示:(1)海外并购依赖全杠杆融资的金融环境改善;(2)全杠杆融资能够带来不可忽视的财务风险;(3)缓解融资约束能够降低海外并购中的债务治理功效。

In theory, the financial constraints can improve the governance efficacy of the debt and promote the mergers and acquisitions performance. While in our study, either from the perspective of institutional environment or from the perspective or financial analysis, Bright Food Group is faced with financial constraints. But Bright Food Group can ease the financial constraints due to its equity structure, group size, the degree of the grouplization and the financial development level in the group location. Thus, Bright Food Group adopt the whole leveraged finance M ＆ A. Relieving the financial constraints produces the soft constraints in debt, and the debt financing failed to produce an effective efficacy of debt governance in the mergers and acquisitions, thus decrease the performance of the overseas M ＆ A. We get the following inspiration from the case study： （1） Overseas M ＆ A depend on the improved environment of the whole leveraged finance.（2）the whole leveraged finance can bring financial risk which should not be overlooked.（3）Relaxing the financial constraints can decrease the debt governance efficacy in the overseas mergers and acquisitions.