融资约束对文化企业并购绩效的影响——基于支付方式的中介作用  

Influence of Financing Constraints on M&A Performance of Cultural Enterprises——Based on Intermediary Role of Payment Mode

作　　者：邵春燕[1] 冯晨星 李洪霞[1] SHAO Chunyan;FENG Chenxing;LI Hongxia(School of Accountancy,Shandong University of Finance and Economics,Jinan 250014,China)

机构地区：[1]山东财经大学会计学院,山东济南250014

出　　处：《经济与管理评论》2019年第3期61-70,共10页Review of Economy and Management

基　　金：国家社会科学基金项目"制度环境下终极控股股东对文化企业并购绩效影响研究"(15BGL065)

摘　　要：选取A股上市文化企业2011-2015年的并购交易事项为样本,根据"融资约束-支付方式-并购绩效"的思路,分别进行logistic和线性回归,通过实证分析发现:文化企业面临的融资约束正向影响企业的并购绩效;融资约束有利于文化企业在并购过程中选择股票支付;文化企业在并购过程中选择股票支付对并购绩效呈正向影响;支付方式在融资约束对文化企业并购绩效的影响过程中起到中介作用。最后在前述分析的基础上提出针对性政策建议。Selecting the M&A transactions from 2011-2015 of A-share listed cultural enterprises as samples,the paper makes logistic and linear regression according to the idea of "financing constraints - Payment - M&A performance".The empirical analysis finds that:financing constraints of cultural enterprises impose positively influence on the performance of mergers and acquisitions;financing constraints are conducive for cultural enterprises to choose stock payment in the process of M&A;cultural enterprises'choosing stock payment in the process of M&A has a positive impact on M&A performance;payment plays an intermediary role in the process of financing constraints influencing cultural enterprises'M&A performance.Finally,on the basis of the foregoing analysis,suggestions are put forward to enhance the cultural enterprises'M&A performance.

关 键 词：文化企业 融资约束 支付方式 并购绩效 

分 类 号：F276.6[经济管理—企业管理]