导　　师： 余鹏翼

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 广东外语外贸大学

摘　　要： 资本结构理论是现代财务学的一个重要研究课题，融资偏好直接反映企业的融资行为，长期以来学术界和实务界关注何种融资方式最有利企业的发展；近年来我国的并购呈现出规模越来越大的趋势，这就需要更加庞大的并购资金，融资问题的重要性日益凸显。不同的融资方式、融资数额的多少、融资成本的高低都在相当程度上决定着并购活动的有效性，进而影响着并购能否取得最后的成功。中国证券市场经过几十年的发展，已经成为亚洲主要的证券交易市场和全球最具发展潜力的资本市场之一，但是在融资行为方面，中国上市公司与国外上市公司有着不同的并购融资偏好。 本文的研究重点放在影响并购融资方式的公司内部因素，在此基础上对比国内并购与海外并购在融资方式是否受到相同因素影响。 根据样本搜集的实际情况，本文选取了2010年至2012年我国上市公司并购事件作为研究对象，共获取样本338家，根据并购公司所在国别的不同，把样本分为国内并购样本（271家）和海外并购样本（67家）。运用因子分析法和Logit回归分析法对上市公司并购融资偏好的内部因素进行分析，实证结果显示：对于全样本资本结构、盈利能力、成长性影响显著；企业规模、股权结构对国内并购融资决策存在影响；抵押价值对海外并购融资决策存在影响。接着，分析中国上市公司并购融资偏好的外部影响因素，从市场环境角度，发现中国市场存在着资本市场规模不大、结构不合理、市场化运作水平不高、国际化水平较低等问题。在此基础上，根据内部因素的实证研究结论和外部因素的定性描述，得出本文的研究结论并给出政策建议。 Researches on financing preference of a firm have become the frontier ofcorporate finance in recent years. Academics and practitioners have long beenconcerned about what kind of financing is the most favorable business development.Mergers and acquisitions in China in recent years，showing a trend of increasinglylarge scale，which need more large funds，the financing will become more important.The different forms of financing， the cost determines the effectiveness of M/&Aactivity， thereby affecting the ability to achieve the final success of mergers andacquisitions. After decades of development，China's stock market has become a majorsecurities trading market in Asia and one of the world's most potential fordevelopment of the capital market，but in the financing behavior，but listed companiesin China and oversea listed companies have different in financing preference. This study focuses on the internal factors that in affect the M/&A financing; thenstudy whether the domestic M/&A and outbound M/&A financing is subject to thesame factors. First of all， article defined the concepts of M/&A financing， the M/&A financing instruments currently in use，Meanwhile introduced the M/&A financingtheory which as the theoretical basis for this article. After reviewing the theory of theliterature on M/&A financing， the paper introduced the history and the status of ouracquisition financing. The actual situation based on the sample collected，this paper selected in listedcompanies in China M/&A events from2010to2012as object of study， accordingto the acquired company， the sample is divided into domestic M/&A sample /(271/)and the other M/&A sample /(67/). Using factor analysis and Logit regression analysisthen get the following conclusions: the capital structure，profitability，growth issignificantly. As to the domestic M/&A sample，the firm size，ownership structure arethe affected factors，and the collateral value influence the outbound samples. ofdomestic M/&A financing decision; collateral value of outbound M/&A financingdecision. Then，the paper focuses on the external factors that affect the M/&Afinancing: the size， the structure， the level of market-oriented operation andinternational levels of the capital market. Finally，based on a qualitative description ofthe empirical research conclusions and external factors of internal factors，the paperdraw conclusions of this and gives policy recommendations.

关 键 词： 上市公司 并购融资 融资偏好

分 类 号： [F275 F276.6]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]