作 者: ;
机构地区: 广东外语外贸大学
出 处: 《中国软科学》 2014年第9期92-102,共11页
摘 要: 融资偏好直接反映企业的融资行为,是国内外学者重点关注的研究问题。本文选取了2010年-2012年338家上市公司作为研究样本,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:对于全样本而言,资本结构、盈利能力、成长性对并购融资影响显著;企业规模、股权结构对国内并购融资决策存在显著影响;抵押价值对出境并购融资决策存在一定的影响。在此基础上,得出本文的研究结论并给出政策建议。 The paper selected in listed companies in China M & A events from 2010 to 2012 as object of study,according to the acquired company, the sample is divided into domestic M & A sample(271 )and the other M & Asample (67). Using Logit regression analysis then get the following conclusions:the capital structure, profitability, growthis significantly. As to the domestic M & A sample, the firm size, ownership structure are the affected factors, and thecollateral value influence the outbound samples, of domestic M & A financing decision ; collateral value of outbound M &A financing decision. Finally, based on a qualitative description of the empirical research conclusions and external factorsof internal factors, the paper draw conclusions of this and gives policy recommendations.
分 类 号: [F270]
领 域: []