【作者】 李善民； 陈涛；

【Author】 Li Shanmin1,Chen Tao1 (1.School of Business,Sun Yat-sen University,GuangZhou,510275)

【机构】 中山大学管理学院；

【摘要】 本文以2006年到2008年在我国资本市场上发生的572个并购事件为研究对象,分析我国上市公司并购支付方式选择的影响因素。实证结果表明,在股权分置改革之后,我国上市公司并购支付方式的影响因素及其影响机制表现出一些特有的特点。信息不对称和收购公司财务状况显著地影响并购支付方式的选择,而收购公司的控制权、股价表现和成长性都没有显著影响。在关联并购中,控股股东没有出于控制权考虑而选择支付方式,并且也没有表明在关联并购中采取支持行为的动机,相反可能出现掏空行为的倾向,尽管这种掏空行为没有通过显著检验。而由于控股股东拥有信息优势,收购公司与目标公司之间的信息不对称程度减轻,关联并购中更加倾向于使用股票支付。更多还原

【Abstract】 This paper studies 572 M&A events happened during 2006 to 2008 in China’s capital markets. The empirical results show that,after the split share structure reform,payment method of China’s listed companies and their impact factors affecting the performance have some unique features. Information asymmetry and financial status of acquirer significantly affect the M&A payment choice. On the other hand,the control right concern,stock price performance and growth opportunity of acquirer are not significantly affecting factors. In related party mergers and acquisitions,the controlling shareholders is not considered out of control over the choice of payment,and also failed to show propping motivation,contrarily,the tendency may be tunneling behavior. Because the controlling shareholder has information superiority,the information asymmetry between acquirer and target company is mitigate,the acquire inclined to use stock to pay.更多还原