基于并购视角的IPO动因实证研究  

An Empirical Study of IPO Motivation:A Perspective of Mergers and Acquisition

作　　者：梁雯[1] 刘淑莲[1] 

机构地区：[1]东北财经大学会计学院,辽宁大连116025

出　　处：《财经理论与实践》2017年第3期71-76,共6页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金(71172120)

摘　　要：以2004—2010年沪深A股上市公司为研究样本,追踪企业IPO(首次公开募股,Initial Public Offerings,简称IPO)后5年,考察并购行为是否为企业进行IPO的重要动因之一。结果表明:现金对价方式的并购支出与IPO初始资金筹集量显著正相关,与SEO资金筹集量显著正相关;股票对价方式的并购支出与IPO抑价显著正相关,与Jensen指数显著正相关;并购总支出与IPO成本显著正相关,与企业债务资本筹集量显著正相关,与发行价格调整正相关但不显著。We select all listed companies of Shanghai and Shenzhen A-shares from 2004-2010 as a research sample, tracking for five years after IPO,then study whether the behavior of IPO is driven by the behavior of acquisition.The results show. Cash M ＆ A expenditure is positively cor- related with the amount of IPO initial fund-raising and the amount of SEO.M ＆ A expenditure in stock price is positively correlated with IPO underpricing and Jensen index.Total amount of M A is positively correlated with the IPO cost and debt capital, but not significantly related to the offer price revision.

关 键 词：IPO 并购 现金对价 股票对价 

分 类 号：F830.9[经济管理—金融学]