并购能否带来资本结构的优化?——来自中国上市公司的经验证据
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摘要
并购通常会引起收购方资本结构的变化,那么企业是否会利用并购的契机优化资本结构呢?本文以2008~2013年间发生并购交易的中国上市公司为样本,通过实证分析,首次发现并证实了上市公司利用并购交易的契机,优化杠杆率、缩小与目标资本结构差距的现象;同时,我们基于Tobit与OLS两种模型度量公司目标资本结构,引入交叉变量回归后发现,"过度负债"企业在交易中会更加注重缩小与目标资本结构的差距,其倾向性和调整程度都显著高于负债较低的企业。
Usually, mergers & acquisitions(M&A) can cause certain changes to the capital structure of the acquirer, therefore will a company optimize its capital structure via M&A? Based on a sample of M&A occurred during 2008 to 2013, this paper investigates the influence of M&A on the changing process of corporate capital structure. Through empirical tests, we find and confirm that Chinese listed companies did move towards the target capital structure via transactions. In addition, by introducing interactive variants derived from Tobit & OLS model, we find that the overleveraged firms would further eliminate the difference between its actual leverage and the target level during transactions; while the underleveraged firms have less scale and fewer propensities.
Usually, mergers & acquisitions(M&A) can cause certain changes to the capital structure of the acquirer, therefore will a company optimize its capital structure via M&A? Based on a sample of M&A occurred during 2008 to 2013, this paper investigates the influence of M&A on the changing process of corporate capital structure. Through empirical tests, we find and confirm that Chinese listed companies did move towards the target capital structure via transactions. In addition, by introducing interactive variants derived from Tobit & OLS model, we find that the overleveraged firms would further eliminate the difference between its actual leverage and the target level during transactions; while the underleveraged firms have less scale and fewer propensities.
引文
[1]Dealogic,2011.Global M&A Review Full Year 2011 Preliminary Results[M].
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[3]Gugler,K.,and K.Konrad.Merger target selection&financial structure[Z].University of Vienna&Wissenschaftszentrum Berlin(WZB).SSRN Working paper,2002.
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[16]Uysal,V.B.Deviation from the target capital structure&acquisition choices[J].Journal of Financial Economics,2011,(102):602-620.
[17]Fama,E.,and K.French.Testing trade-off&pecking order predictions about dividends&debt[J].Review of Financial Studies,2002,(15):1-33.
[18]王晋勇,卢晟.并购中的财务陷阱[J].经济管理,2002,(09):8-10.
[19]黄辉.资本结构动态调整研究综述[J].当代财经,2009,(01):123-129.
[20]李善民.上市公司兼并与收购的财富效应[J].经济研究,2002,(11):27-35.
[21]高雷.股权转让、股份性质与市场反应[J].证券市场导报,2007,(01):39-44.
[22]陆正飞,高强.中国上市公司融资行为研究——基于问卷调查的分析[J].会计研究,2003,(10):16-23.
[23]童光荣,胡耀亭,肖作平.行业特征与资本结构研究[J].经济管理,2005,(08):83-89.
[24]李国重.中国上市公司资本结构的动态目标调整:制度特征导向[J].会计研究,2006,(12):68-75.
[25]王皓,赵俊.资本结构动态调整模型——沪深股市的实证分析[J].经济科学,2004,(03):54-62.
[26]王志强,洪艺珣.中国上市公司资本结构的长期动态调整[J].会计研究,2009,(06):50-57.
[27]卢斌,高彬越.市场择机与目标资本结构对上市公司资本结构的影响——基于中国上市公司的实证研究.南方经济,2012,(01):39-47.
[28]顾乃康,邓剑兰,王贵银.中国企业资本结构动态调整的估计方法与蒙特卡洛模拟[J].数量经济技术经济研究,2013,(01):71-87.
[29]曹兴,袁玲.公司资本结构的多目标模糊优选决策研究[J].中国软科学,2003,(11):149-153.
[30]连玉君,钟经樊.中国上市公司资本结构动态调整机制研究[J].南方经济,2007,(01):24-37.
[31]李善民,朱滔,陈玉罡,曾昭灶,王彩萍.收购公司与目标公司配对组合绩效的实证分析[J].经济研究,2004,(06):96-104.
1 .本文中“并购”采用广义的概念,既包括收购,也包括剥离,这与mergers and acquisitions的概念接近一致。
2 .相关变量选择依据,见王志强和洪艺珣(2009);卢斌和高彬越(2012);
3 .为控制潜在多重共线性对结果的干扰,这里同时披露引入行业年份控制变量前后的回归结果;此外,为排除异方差对系数显著性检验的干扰,这里披露的是稳健回归Robust后的结果。方程二处理相同。
4 .同样,为排除异方差对系数显著性检验的干扰,这里披露的是稳健回归Robust后的结果。
[2]Murphy,A.,and K.Nathan.An analysis of merger financing[J].The Financial Review,1989,24,(4):551-566.
[3]Gugler,K.,and K.Konrad.Merger target selection&financial structure[Z].University of Vienna&Wissenschaftszentrum Berlin(WZB).SSRN Working paper,2002.
[4]Bradley,M.,G.Jarrell,and E.Kim.On the existence of an optimal capital structure:Theory&evidence[J].Journal of Finance,1984,39,(3):857-878.
[5]Graham,J.,and C.Harvey.The theory&practice of corporate finance:Evidence from the field[J].Journal of Financial Economics,2001,(60):187-243.
[6]Titman,S.,and S.Tsyplakov.A dynamic model of optimal capital structure[J].Review of Finance,2007,(11):401-451.
[7]Fischer E.,R.Heinkel,and J.Zechner.Dynamic capital structure choice:Theory and tests[J].Journal of Finance,1989,44(1):19-40.
[8]Bruner,R.The use of excess cash&debt capacity as a motive for merger[J].Journal of Financial&Quantitative Analysis,1988,(23):199-217.
[9]Shyam-Sunder,L.,and S.Myers.Testing static trade-off against pecking order models of capital structure[J].Journal of Financial Economics,1999,(51):219-244.
[10]Flannery,M.,and K.Rangan.Partial adjustment toward target capital structures[J].Journal of Financial Economics,2006,(79):469-506.
[11]Huang,G.,and F.Song.The determinants of capital structure:Evidence from China[J].China Economic Review,2006,(17):14-36.
[12]Qian,Y.,T.Yao,and T.Wirjanto.Do Chinese publicly listed companies adjust their capital structure toward a target level?[J]China Economic Review,2009,(20):662-676.
[13]Bowers,H.,H.Norman,and K.Tse.Signaling,financial slack&corporate acquisitions[J].Review of Quantitative Finance&Accounting,2000,(15):195-216.
[14]Ghosh,A.,and P.Jain.Financial leverage changes associated with corporate mergers[J].Journal of Corporate Finance,2000,(6):377-402.
[15]Harford,J.,S.Klasa,and N.Walcott.Do firms have leverage targets?Evidence from acquisitions[Z].University of Washington&University of Arizona.SSRN Working paper,2006.
[16]Uysal,V.B.Deviation from the target capital structure&acquisition choices[J].Journal of Financial Economics,2011,(102):602-620.
[17]Fama,E.,and K.French.Testing trade-off&pecking order predictions about dividends&debt[J].Review of Financial Studies,2002,(15):1-33.
[18]王晋勇,卢晟.并购中的财务陷阱[J].经济管理,2002,(09):8-10.
[19]黄辉.资本结构动态调整研究综述[J].当代财经,2009,(01):123-129.
[20]李善民.上市公司兼并与收购的财富效应[J].经济研究,2002,(11):27-35.
[21]高雷.股权转让、股份性质与市场反应[J].证券市场导报,2007,(01):39-44.
[22]陆正飞,高强.中国上市公司融资行为研究——基于问卷调查的分析[J].会计研究,2003,(10):16-23.
[23]童光荣,胡耀亭,肖作平.行业特征与资本结构研究[J].经济管理,2005,(08):83-89.
[24]李国重.中国上市公司资本结构的动态目标调整:制度特征导向[J].会计研究,2006,(12):68-75.
[25]王皓,赵俊.资本结构动态调整模型——沪深股市的实证分析[J].经济科学,2004,(03):54-62.
[26]王志强,洪艺珣.中国上市公司资本结构的长期动态调整[J].会计研究,2009,(06):50-57.
[27]卢斌,高彬越.市场择机与目标资本结构对上市公司资本结构的影响——基于中国上市公司的实证研究.南方经济,2012,(01):39-47.
[28]顾乃康,邓剑兰,王贵银.中国企业资本结构动态调整的估计方法与蒙特卡洛模拟[J].数量经济技术经济研究,2013,(01):71-87.
[29]曹兴,袁玲.公司资本结构的多目标模糊优选决策研究[J].中国软科学,2003,(11):149-153.
[30]连玉君,钟经樊.中国上市公司资本结构动态调整机制研究[J].南方经济,2007,(01):24-37.
[31]李善民,朱滔,陈玉罡,曾昭灶,王彩萍.收购公司与目标公司配对组合绩效的实证分析[J].经济研究,2004,(06):96-104.
1 .本文中“并购”采用广义的概念,既包括收购,也包括剥离,这与mergers and acquisitions的概念接近一致。
2 .相关变量选择依据,见王志强和洪艺珣(2009);卢斌和高彬越(2012);
3 .为控制潜在多重共线性对结果的干扰,这里同时披露引入行业年份控制变量前后的回归结果;此外,为排除异方差对系数显著性检验的干扰,这里披露的是稳健回归Robust后的结果。方程二处理相同。
4 .同样,为排除异方差对系数显著性检验的干扰,这里披露的是稳健回归Robust后的结果。