摘要
结合国内外关于资本结构理论的研究及观点,利用E-views对2007—2011年的并购样本进行了实证分析,旨在研究企业在并购环境下,不同的并购支付方式对企业资本结构的影响,探讨企业并购支付方式的选择是否会使企业趋向其最佳资本结构及其对企业实际资本结构和目标资本结构的影响。研究结果表明,并购的不同支付方式会对企业资本结构产生一定影响,并会使实际资本结构向最佳资本结构趋近。
Based on the prior researches and ideas both at home and abroad,an empirical research was carried out on the acquisition samples over 2007 to 2011 using E-eviews.The research was aimed to explore the impacts of different methods of payment on a company's capital structure in the condition of an acquisition.In addition,it explores whether the choices of payment methods can make a company's capital structure move to its target capital structure.And its impacts on a company's actual capital structure and its target capital structure were discussed.The results show that different payment methods in acquisitions can influence corporate structures and make the actual structures move towards the optimal capital structures.
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2013年第6期917-920,941,共5页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
教育部人文社会科学研究基金资助项目(11YJA630208)
关键词
企业并购
支付方式
最佳资本结构
corporate acquisition
payment methods
target capital structure
