目标资本结构、市场错误定价与并购融资方式选择  

Target Capital Structure,Market Mispricing and Means of Financing in M&A

作　　者：李井林[1] 

机构地区：[1]中国社会科学院工业经济研究所,北京100836

出　　处：《山西财经大学学报》2017年第4期1-13,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目(71472186);国家自然科学基金面上项目(71172120);国家社会科学基金重大招标项目(15ZDA026);国家社会科学基金青年项目(16CJY080);湖北省教育厅人文社会科学研究项目(16Q200);湖北省普通高校人文社会科学重点研究基地湖北会计发展研究中心项目(2015Y002)

摘　　要：基于资本结构的动态权衡理论和市场择时理论,研究了目标资本结构、市场错误定价以及两者的交互项对并购融资方式选择的影响。研究发现:公司目标资本结构和股票市场错误定价在并购融资方式选择中具有重要作用,与杠杆不足(underlevered)的并购公司相比,过度杠杆化(overlevered)的并购公司倾向于选择股票融资方式,而与股价被市场低估的并购公司相比,股价被市场高估的并购公司倾向于选择股票融资方式;并购公司的市场择时行为对目标资本结构与并购融资方式选择的关系具有调节作用,与股价被低估的并购公司相比,过度杠杆化且股价被高估的并购公司更倾向于选择股票融资方式。Based on the dynamic trade-off theory of capital structure and market timing theory, this paper studies the influence of the target capital structure, market mispricing and the interaction between them on the choice of financing methods. This paper finds that the firm＇s target capital structure and the stock market mispricing play an important role in the choice of financing methods in MA,relative to the less leveraged acquirers,the excessive leveraged acquirers tend to choose equity financing method;relative to the undervalued acquirers,the overvalued acquirers tend to choose equity financing method;the market timing behavior of acquirers has a regulatory role in the impact of target capital structure on the means of financing in MA,relative to the undervalued acquirers,the excessive leveraged and overvalued acquirers tend to choose equity financing method.

关 键 词：目标资本结构 市场错误定价 并购融资方式 

分 类 号：F830.9[经济管理—金融学]