经济结构战略调整期企业并购融资绩效  

The Research on M& A Financing Performance of Enterprise during the Period of the Strategic Adjustment of Economic Structure

作　　者：高方露[1] 李会云[1] 

机构地区：[1]天津财经大学商学院

出　　处：《财经科学》2014年第1期90-97,共8页Finance & Economics

基　　金：天津市哲学社会科学研究规划资助项目(项目编号:TJGL12-017)

摘　　要：以2009-2012年沪深两市发生并购的公司为样本,从融资方式的视角,实证分析了企业各种融资方式与并购绩效的相关性以及相关程度顺序。结果表明:股权融资与并购绩效显著负相关,债务融资、内部融资与并购绩效显著正相关;通过回归系数比较,得到融资方式与并购绩效的相关程度强弱顺序为内部融资、债务融资、股权融资。The paper based on the listed companies that took place M＆A in 2009 - 2012, from the perspective of financing, analyzes empirically the correlation of various enterprise fmancing ways and M＆A performance, and the related degree sequence. Research results show that there is a significantly negative correlation between equity financing and M＆A pefformmce, and debt financing and internal financing respectively has a significant- ly positive correlation with M＆A performance; by comparing of regression coefficients, the paper found that the pecking order of the relevance of the financing and M＆A performance is that internal financing, debt financing, equity financing.

关 键 词：经济结构战略调整 并购融资绩效 融资模式 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F224