我国上市公司信用评级与并购支付方式的选择

Credit Rating of Domestic Listed Company and Selection of Mergers and Acquisitions Payment Method

为了研究我国上市公司信用评级对并购支付方式的影响,以2012—2014年发生的上市公司并购事件为样本,利用Logistic回归模型,从信用评级存在与否、信用评级水平两个方面进行了实证检验。结果表明,在我国市场环境下,主并方是否拥有信用评级并不会对并购支付方式产生显著影响。但是,当拥有信用评级时,评级较高的公司更倾向于使用现金支付,因为较高的信用评级能够提高其债务融资能力,这些公司能够通过债务融资对并购对价进行支付。

In order to research the influence of credit rating of domestic listed company on mergers and acquisitions payment method,take the listed company MA events from 2012 to 2014as samples and use the Logistic regression model to conduct empirical test from two aspects of credit rating presence or absence and credit rating level.Research shows that in the market environment in our country,whether the mergering part has credit rating will not produce remarkable influence on the mergers and acquisitions payment method;however,when it has higher credit rating,the companies with higher rating tend to pay in cash,because the higher credit rating can increase their debt financing capacities and those companies can pay the MA consideration via debt financing.