公司并购对主并公司资本结构的影响——动态权衡理论的新证据
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| Title | The Influence of M&A on Acquirers’ Capital Structures—New Evidence of Dynamic Trade-off Theory
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| 作者 | 陶启智 朱翔龙 李亮 罗荣华 |
| Author | Tao Qizhi, Zhu Xianglon, Li Liang, Luo Ronghua |
| 作者单位 | 西南财经大学金融学院,西南财经大学金融学院研究生 |
| Organization | School of Finance, Southwestern University of Finance and Economics |
| 作者Email | taoqizhi@swufe.edu.cn |
| 中文关键词 | 公司并购 资本结构 |
| Key Words | Merger and Acquisition; Capital Structure |
| 内容提要 | 本文研究了并购交易对中国主并公司资本结构的影响，以检验关于动态权衡理论的假设。针对2000年至2010年发生的158宗并购交易，本文通过托宾模型预测了主并公司在并购发生前后长期内的最优杠杆率，并在此基础上研究了并购对杠杆率偏差的影响。结果显示，主并公司在并购前存在着资本结构对于最优值的偏差；主并公司运用并购来矫正该偏差，由于矫正过度，它们在并购交易完成后的长期内继续消除这种偏差。基于对经典研究方法的三点改进，本文结果显著支持动态权衡理论，并且比先前的研究更加符合经验证据。稳健性检验揭示，中国上市公司在资本结构方面的行为模式与美国上市公司高度一致。本文还发现现金支付方式与主并公司在并购宣布期的股价效应呈负相关。本文还使用动态调整模型检验了主并公司杠杆率在并购后的调整速度，结果进一步支持了动态权衡理论。 |
| Abstract | This article investigates the influence of M&A on Chinese acquirers’ capital structures to test the dynamic trade-off theory. Based upon the 158 deals announced between 2000 and 2010, this study forecasts acquirers’ optimal leverage ratios by Tobit model and then tracks the effects of M&A on leverage ratio deviations. Empirical results show that acquirers’ capital structures deviate from the optimal level before the deals, and acquirers make use of M&A to diminish the deviations; because of the over-adjustment, acquirers converge to the optimal leverage ratios in the long-run post acquisitions. Due to the three modifications on the classic methodology, this research significantly supports the dynamic trade-off theory, and is more consistent with industrial evidences than any previous research. The robust test shows that Chinese firms’ format on capital structure is highly consistent to those of the US firms. Moreover, the cash payment is negatively related with announcement abnormal returns. This research also uses standard partial adjustment model to test the adjustment speed of acquirers’ leverage ratios after M&A, and the results further support the dynamic trade-off theory. |
| 文章编号 | WP619 |
| 登载时间 | 2014-04-08 |
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