再融资政策调整对企业并购支付方式的影响

2017年2月17日,中国证券监督管理委员会出台再融资新政。利用DID模型,以2015—2019年发生并购且不构成重大资产重组的企业为样本,研究政策变更对并购支付方式的影响。结果表明,再融资政策调整后企业并购的股权支付水平显著下降,并且这种反向关系在相对交易规模大的企业以及资本结构中负债比重高的企业中更明显。这说明再融资新政抑制了企业在并购中更多地选择股权支付,当相对交易规模较大、负债比率较高时,这种抑制效果更显著。

Impact of refinancing policy adjustment on payment method of corporate M&A: based on test of DID model

On February 17, 2017, China Securities Regulatory Commission introduced a new policy of refinancing. The DID model is applied to the sample of the companies that have M&A while do not constitute a major asset restructuring from 2015 to 2019, by which the impact of policy change on M&A payment method is studied. The result shows that the equity payment level of corporate M&A decreased significantly after the refinancing policy adjustment. And the inverse relationship is more significant in companies with relatively larger transaction sizes and higher proportion of debt in capital structure. That shows that the new policy of refinancing restrains companies from choosing more equity payment in M&A, and the restraining effect is more significant when the size of relative transaction is larger and the debt ratio is higher.