并购能否带来资本结构的优化？--来自中国上市公司的经验证据  

Has M&A Brought Leverage Optimization Evidence from Listed Companies in China Stock Market

作　　者：王逸[1,2] 张金鑫[1,2] 于江[1,2] 

机构地区：[1]北京交通大学经济管理学院 [2]北京交通大学中国企业并购重组研究中心,北京100044

出　　处：《证券市场导报》2015年第4期18-25,共8页Securities Market Herald

基　　金：教育部人文社会科学研究基金项目(08JC630004)的阶段性成果

摘　　要：并购通常会引起收购方资本结构的变化,那么企业是否会利用并购的契机优化资本结构呢？本文以2008~2013年间发生并购交易的中国上市公司为样本,通过实证分析,首次发现并证实了上市公司利用并购交易的契机,优化杠杆率、缩小与目标资本结构差距的现象;同时,我们基于Tobit与OLS两种模型度量公司目标资本结构,引入交叉变量回归后发现,＂过度负债＂企业在交易中会更加注重缩小与目标资本结构的差距,其倾向性和调整程度都显著高于负债较低的企业。Usually, mergers acquisitions（MA） can cause certain changes to the capital structure of the acquirer, therefore will a company optimize its capital structure via MA？ Based on a sample of MA occurred during 2008 to 2013, this paper investigates the influence of MA on the changing process of corporate capital structure. Through empirical tests, we find and confirm that Chinese listed companies did move towards the target capital structure via transactions. In addition, by introducing interactive variants derived from Tobit OLS model, we find that the overleveraged firms would further eliminate the difference between its actual leverage and the target level during transactions; while the underleveraged firms have less scale and fewer propensities.

关 键 词：并购 目标资本结构 资本结构优化 经济后果 

分 类 号：F272.3[经济管理—企业管理]