目标资本结构对并购融资方式选择的影响研究  

Research on the Impact of Target Capital Structure on M & A Financing Decision

作　　者：赵息[1] 陈佳琦[1] ZHAO Xi;CHEN Jia-qi(College of Management and Economics,Tianjin University,Tianjin 300072,China)

机构地区：[1]天津大学管理与经济学部

出　　处：《经济体制改革》2018年第5期126-132,共7页Reform of Economic System

基　　金：国家社会科学基金重点项目"供给侧结构性改革下企业并购特征及产业优化效应研究"(16AGL007)

摘　　要：去杠杆是我国"十三五"时期供给侧结构性改革的重点任务。基于资本结构动态权衡理论视角,本文以我国国有A股上市公司2009~2016年的并购交易事件为样本,考察了资本结构的动态调整行为,检验了目标资本结构对其并购融资方式选择的影响。研究发现,样本存在资本结构的动态调整行为,并以50%左右的速度向目标资本结构靠近;目标资本结构对并购融资方式选择有显著影响,相比于杠杆不足的主并方,过度杠杆的企业更倾向于选择股权融资方式。Deleveraging is the main task of Chinese supply-side structural reform during the 13 th Five-Year Plan period.Based on the dynamic trade-off theory,this paper takes the 2009-2016 MA transactions of Chinese state-owned listed companies as sample,tests the dynamic adjustment of capital structure and examines the impact of target capital structure on MA financing decision. It is found that there is a dynamic adjustment of the capital structure. Capital structure of sample enterprises approaches the target level at a speed of about 50%. Target capital structure has a significant effect on the MA financing decision.Compared with the underleveraged companies,the overleveraged ones are more inclined to choose equity financing.

关 键 词：目标资本结构 动态权衡理论 杠杆偏离度 并购融资方式 

分 类 号：F272.3[经济管理—企业管理]