并购支付方式选择:动态权衡理论抑或市场择时理论

The Choice of Payment Means in M&A: Dynamic Trade-off Theory or Market Timing Theory

资本结构与融资政策的关系是公司并购研究的核心问题,然而,资本结构动态权衡理论与市场择时理论对于公司的融资行为的解释存在争议,以往的学者较少从并购融资政策的角度,构建统一的框架来研究动态权衡理论与市场择时理论对并购支付方式选择行为的解释。本文基于资本结构的动态权衡理论与市场择时理论,系统研究了目标资本结构以及市场错误定价对并购支付方式选择的影响。研究结论表明:目标资本结构与市场错误定价对并购支付方式的选择不仅具有直接影响,而且还具有交互影响,说明并购支付方式选择不仅符合资本结构动态权衡理论与市场择时理论的预期,而且并购公司在利用支付方式选择进行资本结构动态调整时存在择时效应。

In this paper,we systematically study the impact of target capital structure and market mispricing on the payment means in M&A based on the dynamic trade-off theory and the market timing theory of capital structure. The research results indicate that there are direct and interact impact of target capital structure and market mispricing on the choice of payment means in M&A. It shows that the choice of payment means in M&A is not only in line with the expectation of the dynamic trade-off theory and the market timing theory of capital structure,but also in line with the timing effect in the dynamic adjustment of capital structure.