ST公司并购现金支付方式决定因素研究——基于并购方与目标方双视角  

The Determining Factors of Payment of M&A of ST Listed Company from Two Positions:An Empirical Study on Chinese Capital Market Based on the Logistic Model

作　　者：郑竹青[1] 谢赤[1,2] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082 [2]湖南大学金融与投资管理研究中心,湖南长沙410082

出　　处：《财经理论与实践》2016年第1期70-75,共6页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金项目(71373072;71340014);高等学校博士点专项科研基金项目(20130161110031)

摘　　要：采用Logistic模型,基于ST公司分别作为并购方和目标方双视角,考量中国资本市场并购活动中决定支付方式的市场因素、公司因素和交易因素。结果表明,市场因素中商业周期指标越积极,并购双方越愿意选择非现金支付;市场利率越高,越倾向于以现金支付。ST公司为并购方时支付方式选择受到管理者控制权、分析师数量和交易态度等因素的决定;ST公司为目标方时支付方式选择受到公司财务杠杆、公司成长机会、分析师数量和交易态度等因素支配。不同的并购支付方式会对并购后企业产生不同的效应。This paper uses the Logistic model to study the payment of MA of ST listed company as either the bidder side or the target side.We study the determining factors of payment of MA of ST listed Company from three aspects：market factors,corporate factors and transaction factors.We find that,where there is different of merger position of ST listed companies,there is different of payment of MA.Furthermore,when the ST listed company acts as the bidder in MA,the payment should be influenced by the regulator right,number of analysts and hostile deals.However,when the ST listed company acts as the target in MA,the payment should be governed by B/M,leverage,number of analysts and hostile deals.In brief,the difference of payment of MA has an effect on different performances,and therefore analyzing the relevant determinants of ST listed companies that choosing more appropriate payment of MA contributes to achieve the expected value after the merger.

关 键 词：ST公司 并购 并购方 目标方 并购支付方式 

分 类 号：F830.91[经济管理—金融学]