并购对目标上市公司融资约束的缓解效应  

Relieving Effect of Merger and Acquisition on Financial Constraints of Target Listed Companies

作　　者：葛结根[1] 

机构地区：[1]中南财经政法大学经济学院,430073

出　　处：《会计研究》2017年第8期68-73,共6页Accounting Research

摘　　要：融资约束使企业保持较高的现金水平而影响了投资机会。并购通过有效配置存量资本和扩展融资渠道来缓解企业的融资约束。本文选取2007-2012年以上市公司为目标的并购样本,以检验并购对上市公司融资约束的影响。研究发现,并购后上市公司现金持有水平降低,现金——现金流敏感性和投资——现金流敏感性下降,同时投资水平上升,表明并购从总体上看减轻了上市公司的融资约束,但不同类型的企业具有一定的差异,民营企业、规模较小企业和独立企业融资约束的缓解效应更为明显,而其他类型企业融资约束的缓解效应相对较小。Firms hold a higher cash level to limit their investment opportunities because of financial constraints.Merger and acquisition can relieve financial constraints of firms by an efficient allocation of stock capital and expanding financial channels.This paper takesmerger and acquisition cases of listed companies assamples during 2007-2012 to test impact of merger and acquisitionon financial constraints.We find that cash holdings of listed companies decline,the sensitivity of cash to cash flow and the sensitivity of investment to cash flow decline,and investment shows an upon trend after being acquired.This indicates that merger and acquisition as a whole relieves financial constraints of listed companies,but different firms have some differences,that is,relieving effect of financial constraints of private firms,smaller firms and independent firms is more obvious than other firms.

关 键 词：融资约束 内部资本市场 现金流 缓解效应 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济]