摘要
本文从银企关系的视角分析银行关联及强度与并购支付方式选择之间的关系。研究发现:具有银行关联的公司在并购中更可能选择现金支付方式,银行关联强度(广度和深度)显著增加了并购现金支付方式的可能性。原因可能在于:银行关联和关联强度大的公司具有较强的债务能力和较低的融资成本,从债务能力、融资成本和融资的方便性来看,银行关联的公司会优先选择现金支付方式。
From the perspective of the relationship between banks and firms, this paper presents an analysis of the relationship between the bank link/link strength and the choice of payment method in M＆A. It＇s found that the bank-link firms are likely to choose cash payment in M＆A; the link strength （extent and depth） significantly increases the possibility of cash payment in M＆A. The reason maybe lies in the strong affordability of debts and low financing costs of banklink and strong-link firms; considering the affordability of debts, financing costs and financing convenience, the bank link firms will prefer cash payment.
出处
《金融论坛》
CSSCI
北大核心
2016年第9期33-44,共12页
Finance Forum
基金
国家自然科学基金资助项目"银行关联
企业并购决策与并购绩效"(71562007)
广西高校人文社会科学重点研究基地基金资助(15YB004)
关键词
银行关联
并购支付方式
并购融资
债务容量
融资约束
bank link
payment method in M＆A
M＆A financing
debt capacity
financing constraint
