CAJ | 학술논문

本文选取了2010—2012年中国上市公司并购事件作为研究对象，共获取样本338家，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：对于全样本资本结构、盈利能力、成长性影响显著；企业规模、股权结构对国内并购融资决策存在显著影响；抵押价值对海外并购融资决策存在非显著影响。在此基础上，得出本文的研究结论并给出政策建议。
본문선취료2010—2012년중국상시공사병구사건작위연구대상，공획취양본338가，근거병구공사소재국별적불동，파양본분위국내병구양본（271가）화해외병구양본（67가）。운용Logit회귀분석법대상시공사병구융자편호적내부인소진행분석。실증결과현시：대우전양본자본결구、영리능력、성장성영향현저；기업규모、고권결구대국내병구융자결책존재현저영향；저압개치대해외병구융자결책존재비현저영향。재차기출상，득출본문적연구결론병급출정책건의。
The paper selected listed companies M＆A events in China from 2010 to 2012 as objects of study, according to the acquired companies, the sample is divided into domestic M＆A sample （271）and outbound M＆A sample （67）. Using Logit regression analysis the paper gives the following conclusions：the capital structure,profitability, growth are sig- nificant. For the domestic M＆A sample, the firm size, ownership structure are the obvious factors for samples of domestic M＆A financing decision;But collateral value for outbound M＆A financing decision is not obvious. Finally, the paper draws some conclusions and gives policy recommendations.