摘要
并购是优化社会资源配置的重要手段,并购溢价是并购活动中的核心问题。以2012—2017年我国上市公司的并购事件为样本,考察在不同支付方式下信用评级对并购溢价的影响。研究发现:在股票支付方式下,主并方存在主体信用评级可降低并购溢价,但评级等级的高低不会对并购溢价产生显著影响;在现金支付方式下,主并方是否存在主体信用评级对溢价水平无显著影响,但当主并方拥有主体信用评级时,评级等级越高,并购溢价越低。进一步研究发现,产权性质对信用评级与并购溢价的关系起调节作用。在股票支付方式下,与国有企业相比,是否存在信用评级对并购溢价的影响在主并方为非国有企业的交易中表现更强。
M&A was an important means to optimize the disposition of social resource.M&A premiums was the core issue in M&A activities.This paper used the 2012-2017 M&A events of Chinese listed companies as a sample to examine the influence of corporate credit ratings on M&A premiums from the perspective of different payment methods. After empirical analysis,it was found that in deals with stock payment,the presence of credit ratings could reduce the premiums of mergers and acquisitions,but the level of credit ratings did not have a significant impact on M&A premiums.While in deals with cash payment,whether the bidders had corporate credit ratings had no significant effect on M&A premium,but when the enterprises had credit ratings,the higher the rating level,the lower the M&A premiums. Further research showed that ownership type could affect the relationship between credit ratings and M&A premiums. Under the stock payment method,compared with state-owned enterprises,the presence of credit ratings had a stronger impact on the M&A premiums in the deals involved with non-state-owned enterprises.
作者
邱青
俞静
QIU Qing;YU Jing(Business School,Hohai University,Nanjing 211100,China)
出处
《资源开发与市场》
CAS
2019年第3期395-401,共7页
Resource Development & Market
基金
国家社会科学基金面上项目"基于非对称信息视角的我国城市信用体系建设驱动关系分析与实现方法研究"(编号:16BGL211)
