商业信用与并购支付方式选择——基于中国上市公司并购重组的证据  

Trade Credit and the Choice of Payment in M&As——Evidence From M&As of Listed Companies in China

作　　者：任曙明[1] 王倩 张勤勤 Ren Shuming;Wang Qian;Zhang Qinqin(School of Economics and Management,Dalian University of Technology,Dalian 116024,China;School of Maritime Economics and Management,Dalian Maritime University,Dalian 116026,China)

机构地区：[1]大连理工大学经济管理学院,大连116024 [2]大连海事大学航运经济与管理学院,大连116026

出　　处：《工业技术经济》2023年第7期74-84,共11页Journal of Industrial Technological Economics

基　　金：国家自然科学基金面上项目“跨国并购驱动高端装备制造业技术升级的机制:产品空间理论视角”(项目编号:71573031);辽宁省社会科学规划基金重点项目“数字经济赋能辽宁制造业高质量发展的实现机制”(项目编号:L20AJY014);中央高校基本科研业务费专项资金资助项目“产品空间视角下中国装备制造业的产品质量升级机制”(项目编号:DUT21RW210)。

摘　　要：商业信用是拓展国家宏观调控渠道、增加企业流动现金额的重要手段。基于企业融资难、融资贵现状,本文认为商业信用能为企业提供直接融资,也能借由信号传递机制,通过提高信贷可得性、降低债务融资成本两条路径为企业提供间接融资,这使得并购企业可以凭借商业信用获得更多流动性,从而提高并购现金支付的概率。本文使用2008~2021年中国A股上市公司作为样本,实证检验了上述影响的大小和方向。研究结果表明,商业信用直接提升了并购企业使用现金支付的概率;此外,商业信用还通过增加信贷可得性和减少债务融资成本间接提高了并购企业使用现金支付的概率;异质性检验结果显示,上述影响在非国有企业、高风险企业及所处地区金融市场发展较为完善的企业中更为明显。Trade credit is an important tool to expand the national macro-control channels and increase the liquid cash a⁃mount of enterprises.Based on the current situation of difficult and expensive financing for enterprises,this paper argues that trade credit can provide direct financing for enterprises on the one hand,and indirect financing for enterprises through two signaling mechanisms including improving credit availability and reducing debt financing costs on the other hand,which enables the acquirer to obtain more liquidity and tend to choose to use cash as payment.This paper uses A-shared listed companies in China's Shanghai and Shenzhen stock markets from 2008 to 2021 as samples to empirically examine the above-mentioned influence mechanism.Re⁃sults indicate that trade credit directly enhances the tendency of cash payment.In addition,trade credit indirectly enhances the tendency of cash payment by improving credit availability or cutting debt financing costs.Heterogeneity test results show that the a⁃bove-mentioned effects are more significant in non-state-owned enterprises,high-risk enterprises,and enterprises in regions with more developed financial markets.

关 键 词：商业信用 并购支付方式 现金支付 信号传递 信贷可得性 债务融资成本 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]