公司为什么要上市:并购扩张抑或内部投资?  

Why Do Companies Go Public:M&A Expansion or Internal Investment?

作　　者：李井林[1] 刘淑莲[1] 杨超[1] 

机构地区：[1]东北财经大学会计学院,辽宁大连116025

出　　处：《云南财经大学学报》2013年第1期24-33,共10页Journal of Yunnan University of Finance and Economics

基　　金：国家自然科学基金项目“上市公司如何选择并购对价与融资方式?——基于嵌套结构的经验研究”(71172120)

摘　　要：从公司IPO决策的融资动因出发,分别检验公司IPO募集资金对并购可能性与内部投资支出的影响。研究发现,公司IPO为并购扩张与内部投资活动提供了资金支持,反向说明了并购扩张与内部投资活动共同驱动了公司IPO决策。公司内部投资支出所占IPO募集资金比例显著高于并购活动,说明内部投资成长是IPO公司成长模式的常态,而并购扩张可能是IPO公司在发展过程中的一种选择。并且发现公司IPO后的并购扩张与内部投资活动为公司创造了价值。The paper studies the financing motivations of companies＇ IPO decisions, and tests the influence of IPO capital financing on the possibility of mergers and acquisitions （ M ＆ A） and internal investment expenditure respectively. Study discovers that IPO provides financial support for M ＆ A expansion and internal investment activity, which in turn illustrates that M ＆ A expan- sion and internal investment activities work together to drive companies＇ IPO decisions. Besides, the proportion of internal investment expenditure of a company in its IPO financing capital is signif- icantly larger than M ＆ A activities, which proves that internal investment growth is the norm of IPO company growth mode, and M ＆ A expansion may be a choice of IPO companies in the devel- opment process. Further discussions show that M ＆ A expansion and internal investment activities after IPO create value for companies.

关 键 词：IPO 并购 内部投资 

分 类 号：F830.91[经济管理—金融学]