中国上市公司内外部融资约束与并购支付方式研究

The Internal and External Financing Constraint and the Acquisition Payment Mode of Chinese Listed Companies

通过对2008-2012年我国沪深股市732家收购方样本企业的检验,探讨内外部融资约束对并购支付方式的影响。研究发现:收购方面临的内部融资约束程度越高,其选择股票支付方式的可能性越大;收购方面临的信贷规模约束越大,就越倾向于选择股票支付方式;收购方面临的股权扩容规模约束越大,在收购时越倾向于选择股票支付方式。此外,公司规模、股权集中度与并购支付方式显著正相关,而交易规模、交易关联性与支付方式显著负相关。要规范我国上市公司的并购支付行为,一是大力发展控制权市场,完善企业内部治理机制;二是改善企业融资环境,减少企业面临的融资约束;三是完善资本市场资源配置功能,改变并购支付方式单一的现状。

Through the test of 732 sample enterprises in Shanghai and Shenzhen stock market in 2008-2012,this paper explores the influence of internal and external financing constraints on the payment methods of merger and acquisition. The study found that the higher the internal financing constraints faced by the acquirer is,the more likely it is to choose the mode of stock payment; the more constrained the buyer＇s credit size is,the more inclined it is to choose the mode of stock payment. The greater the size constraints faced by the acquirer is,the more inclined it is to choose the mode of stock payment. In addition,the size of the company, the concentration of equity and the payment method of mergers and acquisitions are signifi- cantly positively correlated; and transaction size,transaction relevance and payment methods are significantly negatively correlated. To standardize the purchase and payment behavior of listed companies in China,we should strive to develop the market of corporate control,improve the internal governance mechanism of enterprises,improve the financing environment of enterprises,reduce the financing constraints for enterprises,improve the capital market resources allocation function,and change the purchase and acquisition mode of a single status quo.