摘要
以全流通格局下2006年发生并购的108家上市公司为样本,应用主成分分析和回归分析方法对影响上市公司并购融资偏好的因素进行实证研究.结果表明:资产结构对上市公司并购融资偏好有显著的正影响;盈利能力、税收效应、股权结构等因素对上市公司并购融资偏好有显著的负影响;企业规模、偿债能力、成长能力、现金流指标等因素对上市公司并购融资偏好无显著影响.
Based on the sample of 108 M＆A cases under complete circulation, this paper adopted the methods of Principal Component Analysis and Regression Analysis to empirically study the influential factors on the pecking order of M＆ A＇s financing of listed companies. The result suggests that there is a strong positive relation between the assets structure and the pecking order of M＆A＇s financing. The result also indicates that factors such as profit ability, tax revenue effect and equity ownership have a strong negative influence on the pecking order of M＆A＇s financing, and the factors of company＇s size, debt paying ability, growth ability and cash flow, etc. have no significant influence on the pecking order of M＆A＇s financing.
出处
《湖南大学学报（自然科学版）》
EI
CAS
CSCD
北大核心
2009年第3期89-92,共4页
Journal of Hunan University:Natural Sciences
基金
国家社会科学基金资助项目(07BJY001)
关键词
流通
主成分分析
偏好
上市公司
circulation
principal component analysis
pecking orders
listed company
