股权结构、融资约束与并购支付方式——基于混合所有制背景的研究

Ownership Structure,Financial Constrains and Mergers Payment——Based on the Background of Mixed Ownership

以我国沪深A股上市公司2011—2015年发生并购事件的公司为样本,共选择了596家国有控股上市公司和762家非国有控股上市公司。在混合所有制背景下,从股权结构与融资约束的角度对并购支付方式的选择进行了研究。结果表明:国有控股和非国有控股上市公司在并购支付方式选择中均受到股权结构和融资约束的影响。

Based on the companies having m＆a events during 2011 -2015 among Chinese listed Compa- nies of Shanghai and Shenzhen A shares ,596 state - owned listed companies and 762 non - stated listed com- panies are chosen as the samples. Under the background of mixed - owned ownership, the selection of merger payment is studied from two perspectives of ownership structure and financial constrains. Results show that stat- ed - owned and non - stated listed companies are both influenced by ownership structure and financial con- strains in the selection of merger payment.