CAJ | 학술논문

以2003—2008年我国1617例上市公司并购事件为研究对象,运用反事实分析法,研究了并购公司的并购支付方式———现金支付和股票支付对其在并购当年和次年的绩效的影响。结果表明：现金支付和股票支付对并购方绩效的影响基本相同;在两种并购支付方式下,并购当年和次年都出现增长的能力是营运能力,但其在并购次年的增幅小于并购当年,现金能力在当年有所恶化,但在次年得到改善;与现金支付方式相比,在股票支付方式下,并购方的盈利能力和营运能力更优,但偿债能力则相对较差,并购当年的现金能力相对较差,但在并购次年其改善幅度更大。最后推测我国国内上市公司的并购动机主要是业务拓展和战略扩张。
이2003—2008년아국1617례상시공사병구사건위연구대상,운용반사실분석법,연구료병구공사적병구지부방식———현금지부화고표지부대기재병구당년화차년적적효적영향。결과표명：현금지부화고표지부대병구방적효적영향기본상동;재량충병구지부방식하,병구당년화차년도출현증장적능력시영운능력,단기재병구차년적증폭소우병구당년,현금능력재당년유소악화,단재차년득도개선;여현금지부방식상비,재고표지부방식하,병구방적영리능력화영운능력경우,단상채능력칙상대교차,병구당년적현금능력상대교차,단재병구차년기개선폭도경대。최후추측아국국내상시공사적병구동궤주요시업무탁전화전략확장。
Taking the 1617 M＆A events happened in the period during 2003-2008 as the research example,this paper studies the influences of M＆A payment method（namely cash payment or stock payment）on the mergerls performance in the same year and the next year after M＆A through using the counterfactual analysis method. The result shows as follows：the influences of cash payment on the mergerrs performance is the same with that of stock payment;under these two payment methods,the mergerrs operation capability has obviously enhanced in the same year and the next year after M＆A, and the increase amplitude in the next year after M＆A will is lower than that in the last year;compared with cash payment,the profit ability and operation ability of the merger under stock payment are better,and the debt paying ability is worse,and the cash payment capability in the same year after M＆A when the merger selecting stock payment is worse than that of those selecting cash pay- ment,but the improvement of the former is larger than that of the latter. Therefore,it guesses that the M＆A motivation of Ghinars listed companies is business development or strategic expansion.