目标资本结构对并购融资方式选择的影响研究
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摘要
去杠杆是我国"十三五"时期供给侧结构性改革的重点任务。基于资本结构动态权衡理论视角,本文以我国国有A股上市公司2009~2016年的并购交易事件为样本,考察了资本结构的动态调整行为,检验了目标资本结构对其并购融资方式选择的影响。研究发现,样本存在资本结构的动态调整行为,并以50%左右的速度向目标资本结构靠近;目标资本结构对并购融资方式选择有显著影响,相比于杠杆不足的主并方,过度杠杆的企业更倾向于选择股权融资方式。
Deleveraging is the main task of Chinese supply-side structural reform during the 13 th Five-Year Plan period.Based on the dynamic trade-off theory,this paper takes the 2009-2016 M&A transactions of Chinese state-owned listed companies as sample,tests the dynamic adjustment of capital structure and examines the impact of target capital structure on M&A financing decision. It is found that there is a dynamic adjustment of the capital structure. Capital structure of sample enterprises approaches the target level at a speed of about 50%. Target capital structure has a significant effect on the M&A financing decision.Compared with the underleveraged companies,the overleveraged ones are more inclined to choose equity financing.
Deleveraging is the main task of Chinese supply-side structural reform during the 13 th Five-Year Plan period.Based on the dynamic trade-off theory,this paper takes the 2009-2016 M&A transactions of Chinese state-owned listed companies as sample,tests the dynamic adjustment of capital structure and examines the impact of target capital structure on M&A financing decision. It is found that there is a dynamic adjustment of the capital structure. Capital structure of sample enterprises approaches the target level at a speed of about 50%. Target capital structure has a significant effect on the M&A financing decision.Compared with the underleveraged companies,the overleveraged ones are more inclined to choose equity financing.
引文
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[26]刘淑莲,李井林,汪玉兰.公司存在目标资本结构吗?---来自并购的经验证据[J].投资研究,2015,(10):53-75.
[27]赵子坤.资本结构对并购支付方式的影响---基于上市公司产权属性的研究[J].东岳论丛,2017,(02):170-179.
[28][35]李井林.目标资本结构、市场错误定价与并购融资方式选择[J].山西财经大学学报,2017,(04):1-13.
[30]Korteweg A.The Net Benefits to Leverage[J].Journal of Finance,2010,65(06):2137-2170.
[32]Cotei C,Farhat J.An Application of the Two-Stage Bivariate Probit-Tobit Model to Corporate Financing Decisions[J].Review of Quantitative Finance&Accounting,2011,37(03):363-380.
[33]盛明泉,张春强,王烨.高管股权激励与资本结构动态调整[J].会计研究,2016,(02):44-50.
[36]Kien Cao,Jeff Madura.Determinants of the Method of Payment in Asset Sell-Off Transactions[J].The Financial Review,2011,46(04):643-670.
[37]余鹏翼,李善民.国内上市公司并购融资偏好因素研究---基于国内并购与海外并购对比分析[J].经济与管理研究,2013,(11):58-66.
[2]Leary M T,Roberts M R.Do Firms Rebalance Their Capital Structures?[J].Journal of Finance,2005,60(06):2575-2619.
[3]Lemmon M L,Roberts M R,Zender J F.Back to the Beginning:Persistence and the Cross-Section of Corporate Capital Structure[J].Journal of Finance,2008,63(04):1575-1608.
[4]Lee C,J Byun.The Dynamics of Capital Structure:Proactive Debt Issuances[J].The Korean Journal of Financial Management,2014,(04):29-38.
[5]Flannery M J,Rangan K P.Partial Adjustment Toward Target Capital Structures☆[J].Journal of Financial Economics,2006,79(03):469-506.
[6]Antoniou A,Guney Y,Paudyal K.The Determinants of Capital Structure:Capital Market-Oriented versus Bank-Oriented Institutions[J].Journal of Financial&Quantitative Analysis,2008,4(31):59-92.
[7]Gombola M,Arioglu E.Target Capital Structure and Transitory Debt:Evidence from Reverse LBOs[J].Social Science Electronic Publishing,2011,60(06):2575-2619.
[8]Elsas R,Florysiak D.Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables[J].Journal of Financial&Quantitative Analysis,2015,50(05):1105-1133.
[9]Huang R,Ritter J R.Testing Theories of Capital Structure and Estimating the Speed of Adjustment[J].Journal of Financial&Quantitative Analysis,2009,44(02):237-271.
[10]Flannery M J,Hankins K W.Estimating Dynamic Panel Models in Corporate Finance[J].Journal of Corporate Finance,2013,19(01):1-19.
[11]Baum C F,Caglayan M,Rashid A.Capital Structure Adjustments:Do Macroeconomic and Business Risks Matter?[J].Empirical Economics,2016,7(03):1-40.
[12]甘丽凝,武洪熙,牛芙蓉等.大型投资与资本结构动态调整---基于中国上市公司的经验证据[J].会计研究,2015,(09):59-67.
[13]黄继承,阚铄,朱冰等.经理薪酬激励与资本结构动态调整[J].管理世界,2016,(11):56-171.
[14]韩俊华,韩贺洋,王宏昌.控制权与资本结构调整特征---国有与民营控股企业比较研究[J].经济体制改革,2017,(06):146-152.
[15][34]Hovakimian A,Li G.In Search of Conclusive Evidence:How to Test for Adjustment to Target Capital Structure[J].Journal of Corporate Finance,2011,17(01):33-44.
[16]Ozkan A.Determinants of Capital Structure and Adjustment to Long Run Target:Evidence From UK Company Panel Data[J].Journal of Business Finance&Accounting,2001,28(1‐2):175-198.
[17]Titman S,Tsyplakov S.A Dynamic Model of Optimal Capital Structure[J].Review of Finance,2007,11(03):401-451.
[18][27]Harford J,Klasa S,Walcott N.Do Firms Have Leverage Targets?Evidence from Acquisitions[J].Journal of Financial Economics,2009,93(01):1-14.
[19][31]Uysal V B.Deviation from the Target Capital Structure and Acquisition Choices[J].Journal of Financial Economics,2011,102(03):602-620.
[20]Vermaelen T,Xu M.Acquisition Finance and Market Timing[J].Journal of Corporate Finance,2013,25(02):73-91.
[21]Elsas R,Flannery M J,Garfinkel J A.Financing Major Investments:Information about Capital Structure Decisions[J].Review of Finance,2014,18(04):1341-1386.
[22]Hu M,Yang J.The Role of Leverage in Cross-Border Mergers and Acquisitions[J].International Review of Economics&Finance,2016,43(05):170-199.
[23]孙世攀.资本特征、支付方式与价值效应[D].天津:天津大学博士学位论文,2014.1-159.
[24]赵息,孙世攀.资本结构对并购支付方式的影响研究---基于我国资本市场背景的分析[J].管理评论,2015,(08):33-46.
[25]张俊.目标资本结构对并购支付方式选择的影响研究[D].桂林:桂林电子科技大学硕士学位论文,2015.1-58.
[26]刘淑莲,李井林,汪玉兰.公司存在目标资本结构吗?---来自并购的经验证据[J].投资研究,2015,(10):53-75.
[27]赵子坤.资本结构对并购支付方式的影响---基于上市公司产权属性的研究[J].东岳论丛,2017,(02):170-179.
[28][35]李井林.目标资本结构、市场错误定价与并购融资方式选择[J].山西财经大学学报,2017,(04):1-13.
[30]Korteweg A.The Net Benefits to Leverage[J].Journal of Finance,2010,65(06):2137-2170.
[32]Cotei C,Farhat J.An Application of the Two-Stage Bivariate Probit-Tobit Model to Corporate Financing Decisions[J].Review of Quantitative Finance&Accounting,2011,37(03):363-380.
[33]盛明泉,张春强,王烨.高管股权激励与资本结构动态调整[J].会计研究,2016,(02):44-50.
[36]Kien Cao,Jeff Madura.Determinants of the Method of Payment in Asset Sell-Off Transactions[J].The Financial Review,2011,46(04):643-670.
[37]余鹏翼,李善民.国内上市公司并购融资偏好因素研究---基于国内并购与海外并购对比分析[J].经济与管理研究,2013,(11):58-66.