什么因素决定公司并购中融资方式的选择?交易成本视角  

The Analysis on What Factors Affect Financing Choice in M＆A：Transaction Costs View

作　　者：翟进步[1] 王玉涛[2] 李丹[1] 

机构地区：[1]清华大学经济管理学院 [2]中央财经大学会计学院

出　　处：《中国会计评论》2012年第1期17-32,共16页China Accounting Review

基　　金：国家自然科学基金项目(批准号:71102124);中央财经大学“211工程”重点学科建设项目;北京市教育委员会共建项目的支持

摘　　要：公司通过收益最大化、成本最小化决策实现并购价值最优，并购成本不仅包括支付方式产生的交易成本，还包括融资方式中涉及的交易成本。在控制支付方式的情况下，本文考察为了减少公司并购过程中融资方式选择引起的交易成本，管理层会考虑哪些影响因素。实证结果发现：当公司存在充足自有资金时，会选择自有资金；当债务融资能力较强时，会选择债权融资；当股价表现好和交易规模较大时，会选择权益融资。同时，当股权集中度较低时，会选择债务融资；成长能力较强时，会选择权益融资。这表明，在进行融资方式选择时，公司主要考虑了资本成本和代理成本等交易成本以使并购成本最小化。文章的研究结论有助于学者、实践工作者全面认识并购过程中的交易成本问题。In order to maximize the bidder＇s value in M＆A, the firms can not only maximize the income, not only minimize the cost. The costs of M＆A include not only transaction costs related to the means of payment, but also ones related to financing. Hence, given the income constant, the managements promote the firm value by decreasing two kinds of transaction costs related to payment and financing. Depart from the prior papers focusing on incomes of M＆A, costs of payment, or both of them, this paper investigates what factors the management consider for minimizing transaction costs related to financing and maximizing the value of Mb-A. In another words, we want to analyze whether financing behavior of the firm conforms with Pecking order theory, which say costs of Internal Financing is smallest, ones of Debt Financing is in middle place, and ones of Equity Financing is biggest. The empirical results show that the firms will choose Internal Financing when free cash flow is enough, debt financing when capacity of debt financing is enough strong, equity financing when stock is overpricing or trading volume is big. Simultaneously, we find that the lessownership concentration the firm has, the more incentive to choose debt financing~ the more growth opportunity, the more incentive to choose equity financing. The results imply that the order of financing in M＆~A procedure conforms to Pecking Order Theory. For minimizing costs of M＆A and maximizing M＆A value, the firms would consider costs of capital, agency costs and so on. Hence, this paper not only contribute the prior M＆A research, but also can help academic, supervisors and market participants acknowledge the transaction costs in M＆A procedure completely and deeply.

关 键 词：并购 融资方式 交易成本 

分 类 号：F275[经济管理—企业管理]