市场时机对中国上市公司并购融资行为的影响

现有关于市场择时理论的研究大多以IPO公司的股权融资行为作为研究对象,较少将关注视角放到具有大量融资需求的企业并购融资行为上。事实上,"窗口机会"对于发生并购的上市公司同样具有重要的意义。研究发现,市净率所代表的市场时机因素虽然对并购公司财务杠杆的变动并无显著作用,但确实能够在短期内(一年)影响并购公司的股权融资选择。另外,股权分置改革并未完全改变中国上市公司的股权融资偏好,但对于并购市场的发展产生了积极的影响。

The Effect of Market Timing on M&A and Financing of China's Listed Companies

Unlike most of the existing researches on market timing theory which take equity financing of IPO companies as their focus of study,this article focuses on the M&A companies featuring great financing needs and empirically tests the influence of window opportunity on mergers and acquisitions.The results show that although market timing proxied by the price-to-book ratio has no significant impact on the change of financial leverage,it does affect the M&A company's equity financing options in the short term(on...