混合支付对收购公司股东收益的影响

The Effect ofthe Mixed PM of Cash and Securities on the Acquirers' Shareholders Earnings

已有研究表明,单一现金支付虽能传递收购方融资能力强的正面信号,但会提升财务风险和过度支付风险;单一股票支付虽能规避和转移上述风险,但会传递收购方股价被高估、现金流不足的负面信号。基于此,本文以2011～2017年A股上市公司重大重组事件为样本,采用事件研究法,从信息不对称与现金流两个视角检验了相对于单一支付而言,混合支付对收购方股东收益的提升作用。研究发现,收购方选择混合支付可在实现风险管理的同时,避免传递其股价被高估、融资能力差的负面信号,与单一支付相比能显著提升收购方股东收益。进一步研究发现,相对于关联并购和非融资约束的收购方,非关联并购和融资约束的收购方选择混合支付对股东收益的提升作用更明显。

Studies have shown that all - cash offers can transmit the positive signals of strong financing capacity , theyalso increase financial risk and over PM cost.All - stock offers can avoid the above risks , but it also transmit the negativesignals : the acquirers ' stock price is overvalued and the cash flow is insufficient.On this basis , the sample of majorreorganization events of A - share listed companies is from 2011to 2017 , and use event research method to examinethe effect of mixed PMs on the earnings of the acquirers ' shareholders relative to single PM from the Perspective of infor -mation asymmetry and cash flow.The studyfound that the acquirer selects mixed PM to reduce risk while avoiding trans -mitting the negative signals that its stock price is overvalued and poorlyfinanced.Compared to a single PM , mixed PMcan significantly increase the profit of the acquirers' shareholders income compared to single PM.Further research foundthat compared with the related acquisitions and the acquirers who are non - financial constraints , the non - associated acquisi -tions and the acquirers who are financing constraints choose mixed PMs will have a more significant effect on the improve-ment of shareholders ' returns.