我国上市公司并购支付方式选择影响因素研究  

On Determinants of Payment Mode Choices in M&A of Chinese Listed Companies

作　　者：谈江辉[1] TAN Jiang-hui(China Three Gorges University, Yichang, Hubei, 443002, Chin)

机构地区：[1]三峡大学,湖北宜昌443002

出　　处：《武汉商学院学报》2018年第2期45-52,共8页Journal of Wuhan Business University

摘　　要：本文以我国上市公司2012-2016年间的并购案例为样本,分别采用logistic和probit回归模型对我国上市公司并购支付方式的影响因素进行全面的考察,得出如下结论:在我国现有的金融市场环境下,企业在选择并购支付方式时主要考虑的因素为风险分担及支付能力。目前,企业的体制关联会给企业带来一定的资源效应和信号效应,具有体制关联的并购企业更倾向于采用股票支付,但是随着我国全面改革的深化,体制关联的资源效应和信号效应会消失。关联并购的双方信息不对称较小,并购方更倾向于采用股票支付这种共担风险的方式。在交易相对规模大的并购中并购方更倾向于采用股票支付以减轻资金压力。With the cases of M A（merger and acquisition） of listed companies in China during 2012-2016 as the samples, the paper explores the influencing factors of payment methods by means of the logistic and probit regression models. The findings are the following. In the current financial environment of China, the main factors for consideration in selecting M A payment methods are risk-sharing and payment ability. At present, the institutional linage will bring to the enterprises some effects in resources and information signal. Enterprises of M A with institutional linage are more inclined to choose stock payment, but with the deepening of China＇s comprehensive reform, the resource effect and signal effect of institutional linage will disappear. There is relatively small information asymmetry between two parties of mergers and acquisitions, so stock payment tends to be chosen to share the risk. In relatively large-scale mergers and acquisitions, stock payment is chosen to reduce the financial pressure.

关 键 词：并购 支付方式 体制关联 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济]