科技型企业并购影响资本结构吗?  

Does the M&A of Science and Technology Enterprises Affect Capital Structure?

作　　者：程新生 修浩鑫[2] CHENG Xin-sheng;XIU Hao-xin(China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;Business School,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071

出　　处：《山西大学学报（哲学社会科学版）》2021年第1期124-137,共14页Journal of Shanxi University(Philosophy and Social Science Edition)

基　　金：国家自然科学基金面上项目“公司治理、激励匹配度与创造性产出研究”(71672085);国家自然科学基金面上项目“激励参照、组织认同与创新升级研究”(71972105);教育部人文社会科学重点研究基地重大项目“资本市场改革与公司治理有效性”(16JJD630003)。

摘　　要：并购活动成为科技企业扩张规模、获取技术的重要手段。从资本结构与金融性资本结构两个维度出发,资本结构指企业资产负债率,金融性资本结构指企业有息负债占资本比例,以A股科技型上市公司2015—2019年数据为样本,实证检验科技企业并购活动对资本结构的影响。研究发现,科技型企业并购活动会导致资本结构及金融性资本结构中权益比例提高;科技型企业并购活动会加剧当期资本结构偏离目标资本结构程度,但其会通过调整下期经营性负债来减缓资本结构偏离程度;科技型企业并购活动在现金支付、非关联交易、技术并购、纵向并购以及跨省市并购的情况时,资本结构偏离程度会进一步加剧;科技型企业并购活动会提高当期与下期的资本结构、金融性资本结构调整速度,但调整速度整体较低。研究成果为科技型企业提高并购绩效、避免资本结构偏离提供了决策依据。M&A has become an important means for science and technology enterprises to expand their scale and acquire technology.Starting from the two dimensions of enterprise capital structure and financial capital structure,this paper empirically tests the impact of merger and acquisition activities of technology-based enterprises on the data of A-share technology-based listed companies from 2015 to 2019.Capital structure refers to the asset liability ratio of enterprises,and financial capital structure refers to the proportion of interest bearing liabilities to capital.It is found that the merger and acquisition activities of science and technology enterprises will lead to an increase in the equity ration in the capital structure and financial capital structure;the merger and acquisition activities of science and technology enterprises will aggravate the deviation of current capital structure from the target capital structure,but enterprises will reduce the degree of deviation of the capital structure by adjusting the operating liabilities in the next period;in the case of cash payment,unrelated transaction,technology M&A,vertical M&A and cross provincial M&A,the degree of deviation of capital structure will be further aggravated;the M&A activities of science and technology enterprises will improve the adjustment speed of capital structure and financial capital structure in the current and next period,but the overall adjustment speed is relatively low.The research results provide decision-making basis for technology-based enterprises to improve M&A performance and avoid capital structure deviation.

关 键 词：科技型企业 并购活动 资本结构 金融性资本结构 偏离程度 

分 类 号：F275.5[经济管理—企业管理]