财经科学
財經科學
재경과학
Finance and Economics
2014年
1期
90~97
,共null页
经济结构战略调整 并购融资绩效 融资模式
經濟結構戰略調整 併購融資績效 融資模式
경제결구전략조정 병구융자적효 융자모식
Strategic Adjustment of Economic Structure; M & A Financing Performance; Financing Mode
以2009—2012年沪深两市发生并购的公司为样本,从融资方式的视角,实证分析了企业各种融资方式与并购绩效的相关性以及相关程度顺序。结果表明:股权融资与并购绩效显著负相关,债务融资、内部融资与并购绩效显著正相关;通过回归系数比较,得到融资方式与并购绩效的相关程度强弱顺序为内部融资、债务融资、股权融资。
以2009—2012年滬深兩市髮生併購的公司為樣本,從融資方式的視角,實證分析瞭企業各種融資方式與併購績效的相關性以及相關程度順序。結果錶明:股權融資與併購績效顯著負相關,債務融資、內部融資與併購績效顯著正相關;通過迴歸繫數比較,得到融資方式與併購績效的相關程度彊弱順序為內部融資、債務融資、股權融資。
이2009—2012년호심량시발생병구적공사위양본,종융자방식적시각,실증분석료기업각충융자방식여병구적효적상관성이급상관정도순서。결과표명:고권융자여병구적효현저부상관,채무융자、내부융자여병구적효현저정상관;통과회귀계수비교,득도융자방식여병구적효적상관정도강약순서위내부융자、채무융자、고권융자。
The paper based on the listed companies that took place M&A in 2009 - 2012, from the perspective of financing, analyzes empirically the correlation of various enterprise fmancing ways and M&A performance, and the related degree sequence. Research results show that there is a significantly negative correlation between equity financing and M&A pefformmce, and debt financing and internal financing respectively has a significant- ly positive correlation with M&A performance; by comparing of regression coefficients, the paper found that the pecking order of the relevance of the financing and M&A performance is that internal financing, debt financing, equity financing.