货币政策、融资方式与并购绩效——基于后危机时代背景

Monetary Policy,Financing and M & A Performance: Based on the Background of the Post Crisis Era

以后危机时代为背景,分析不同融资方式对公司并购绩效的影响,并进一步对货币政策所产生的影响进行研究。研究发现:在其他因素控制不变的前提下,股权融资方式有利于促进企业长期并购绩效的提升,且这种促进作用在国有企业更明显;债务融资方式不利于公司长期并购绩效提升,且非国有企业更明显;紧缩型货币政策有利于强化股权融资对并购绩效的正向作用,且在国有企业中更明显;宽松型货币政策有利于缓解债务融资对并购绩效的负向作用,且在非国有企业中更明显。这一结果为我国公司并购融资方式选择提供了参考,也为我国政府优化公司融资渠道提供了借鉴。

Based on the background of the crisis era,this paper analyzes the impact of different financing methods on the performance of corporate mergers and acquisitions,and the moderating effect of monetary policy is further investigated. The study found that,under the premise of other factors,equity financing is conducive to the promotion of long-term MA performance,and this effect is more obvious in the state-owned enterprises; debt financing will inhibit the long-term MA performance,and this inhibition is more obvious in non-state-owned enterprises. Tight monetary policy is conducive to strengthening the positive effect of equity financing on M A performance,and more obvious in the state-owned enterprises; loose monetary policy is beneficial to alleviate the negative effect of debt financing on M A performance,and is more obvious in non-state-owned enterprises. This result provides a reference for China＇s M A financing options,also provides a reference for the government to optimize the channel of corporate financing.