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以2008—2014年我国沪深A股市场的并购事件为研究对象,实证检验了融资约束、对价方式与并购溢价之间的关系。研究结果表明,存在融资约束的收购公司并购交易中更倾向于选择股票对价;我国并购溢价普遍存在且溢价率较高;与现金对价相比,股票对价的收购方支付了更高的并购溢价,并且该现象仅在融资约束公司成立,对于非融资约束的公司并不显著。说明融资约束下并购对价方式的选择并不遵循优序融资理论,且融资约束加剧了股票对价的溢价支付。
Taking the M & A events of China’s A-share market in Shanghai and Shenzhen from 2008 to 2014 as the research object, this paper empirically tests the relationship between the financing constraints, the price method and the M & A premium. The results show that mergers and acquisitions with financing constraints are more likely to choose stock consideration. Merger and acquisition premiums prevail in our country and the premium rate is higher. Compared with the cash consideration, the acquirer of the stock price pays a higher M & A premium, And this phenomenon is only established in the financial constraints of the company, for non-financial constraints of the company is not significant. It shows that the choice of the M & A method under the financing constraints does not follow the theory of MFS and the financing constraints aggravate the premium payment of the stock consideration.