基于融资偏好视角的国内并购与海外并购内部影响因素比较研究  

Comparative Research on Internal Factors Impacting Chinese Listed Companies' Domestic M&A and Oversea M&A

作　　者：余鹏翼[1] 王满四[2] 

机构地区：[1]广东外语外贸大学财经学院,广东广州510420 [2]广州大学工商管理学院,广东广州510006

出　　处：《中国软科学》2014年第9期92-102,共11页China Soft Science

基　　金：国家社科基金项目(13BG019)

摘　　要：融资偏好直接反映企业的融资行为,是国内外学者重点关注的研究问题。本文选取了2010年-2012年338家上市公司作为研究样本,根据并购公司所在国别的不同,把样本分为国内并购样本（271家）和海外并购样本（67家）。运用Logit回归分析法对上市公司并购融资偏好的内部因素进行分析,实证结果显示：对于全样本而言,资本结构、盈利能力、成长性对并购融资影响显著;企业规模、股权结构对国内并购融资决策存在显著影响;抵押价值对出境并购融资决策存在一定的影响。在此基础上,得出本文的研究结论并给出政策建议。The paper selected in listed companies in China M ＆ A events from 2010 to 2012 as object of study,according to the acquired company, the sample is divided into domestic M ＆ A sample（271 ）and the other M ＆ Asample （67）. Using Logit regression analysis then get the following conclusions：the capital structure, profitability, growthis significantly. As to the domestic M ＆ A sample, the firm size, ownership structure are the affected factors, and thecollateral value influence the outbound samples, of domestic M ＆ A financing decision ; collateral value of outbound M ＆A financing decision. Finally, based on a qualitative description of the empirical research conclusions and external factorsof internal factors, the paper draw conclusions of this and gives policy recommendations.

关 键 词：融资偏好 国内并购 海外并购 

分 类 号：F270[经济管理—企业管理]