摘要
本文对我国2008年至2011年间发生并购行为的煤炭企业相关数据进行了分析。结果发现:并购的目标资产规模小,而其利润规模大,企业就更倾向于内源融资的方式;历史负债规模及市盈率是决定债权融资的主要因素;净资产收益率、流通股股权、配股权则是股权融资方式选择的主要影响因素。
This paper analyzes the relevant data of 2008- 2011 years for M&A activities occurred in China coal enterprise through the method of stepwise regression analysis.According to analysis,This paper finds that if the target asset scale is small,and the profit scale is large enough,the enterprise inclined to endogenous financing way;Historical debt scale and p/e ratio is the main factors to determine the debt financing;Return on equity,outstanding shares equity、shares-rationing is the main influence factors of equity financing mode selection.
出处
《财会通讯（下）》
2014年第4期80-82,129,共3页
Communication of Finance and Accounting
基金
国家社科基金"煤炭产业战略并购研究"(项目编号:11BJY071)的阶段性成果
关键词
并购融资
融资方式
影响因素
逐步回归分析
M&A financing
Financing mode
Influence factors
Stepwise regression analysis
