摘要
本文使用Tobit模型和Probit模型,从评级存在性和评级水平两个方面考察信用评级对并购支付方式的影响。结果发现,具有信用评级和高评级的企业在并购时支付的现金比例更高,且更倾向于选择现金支付方式;进一步,并购方对目标公司的信息不对称程度越大,信用评级对并购支付方式的影响越小。本文的结果表明:信用评级有利于缓解企业与投资者之间的信息不对称,从而减少企业面临的融资约束,提高并购效率。
From the perspective of credit rating existence and credit rating level, this paper uses the Tobit and Probit models to analyze the impacts of credit rating on the choice of payment method in mergers and acquisitions （M＆A）. It＇s found that, among firms to pay cash, the ratio of those with credit rating and a higher rating is relatively higher and they tend to pay cash; Furthermore, the greater the information asymmetry between acquirer and target firm, the less the im- pacts of credit rating on payment method. The results of the paper show that credit rating can help reduce information asymmetry between firms and investors and so as to reduce the constraints on firm＇s financing, and increase the efficien- cy of M＆A.
出处
《金融论坛》
CSSCI
北大核心
2016年第2期71-80,共10页
Finance Forum
关键词
信用评级
融资约束
并购支付方式
信息不对称
credit rating
financial constraint
payment method in M＆A
information asymmetry
