环境不确定下企业财务弹性储备水平与并购决策

Financial Flexibility of Enterprises and M&A Decision in an Uncertain Environment

并购投资作为企业的外延式成长方式,是企业实现战略扩张、资源优化配置的重要手段。文章以我国沪深上市公司2008-2016年发生的并购事件为研究对象,采用Logit和Poisson回归检验法,验证了在环境不确定下企业财务弹性储备水平对并购投资决策的影响效应。结果发现,财务弹性水平越高的企业,其发动并购的动机越大,并购的频次也更高;当外部环境不确定性越大时,企业财务弹性对并购决策的正向作用更明显。上述研究结果表明,合理的财务弹性储备,能够有效地缓减企业实施并购投资时的融资瓶颈,而且这种缓解效应具有显著的外部环境特性。文章的研究结论对企业制定和实施并购战略投资具有重要的现实指导意义,同时也为国家制定相应的经济政策提供了有价值的参考和借鉴。

As the extensional growth mode of the enterprise,M＆A investment is an important means for enterprises to realize strategic expansion and optimize allocation of resources. Based on all the listed corporation in Shanghai and Shenzhen stock market in China from 2008 to 2016,this paper using Logit and Poisson regression analysis method,empirically test the influence of financial flexibility on M＆A decision of enterprises in an uncertain environment. Results showed that the higher the level of enterprise’s financial flexibility,the greater the motivation of M＆A,and the more merger frequency is. Further research was found when the external environment is more uncertain,the positive influence of financial flexibility on M＆A decision is more sensitive. Research results show that reasonable financial flexibility reserve can effectively reduce the financing bottleneck of M＆A investment of enterprises,and this effect has significant external environmental characteristics. The findings are of practical guiding significance for enterprises to formulate and implement M＆A strategy investment,and are also of valuable reference for the country to formulate corresponding economic policies.