现金持有状况与并购对价方式

Cash Holding Position and Way of Payment in Merger & Acquisition

以2008—2012年中国沪深两市上市公司发起的2272笔并购交易为研究样本,采用Logit回归方法,研究了主并公司的现金持有状况对其并购对价方式选择的影响。结果表明:主并公司的现金持有率对其并购对价方式选择的影响并不显著;考虑了公司现金需求后的现金持有状况对并购对价方式的选择具有显著影响。

Taking 2272 merger ＆amp; acquisition（M＆amp;A ） cases implemented by the companies listed in stock markets of Shanghai and Shenzhen from 2008 to 2012 as the sample ,this paper studies the influences of cash holding position on the choice of M＆amp;A payment way by the Logit re‐gression method.The results show as follows ：acquiring company′s cash holding rate has no significant influence on the choice of M＆amp;A payment way ;when considering company′s cash demanding ,acquiring company′s cash holding position has significant influence on the choice of M＆amp;A payment way .