CAJ | 학술논문

本文利用中国上市公司2002～2009年相关数据和各地区金融发展数据，实证检验了融资能力对并购绩效的影响。实证结果表明，对于外部融资依赖性高的企业，金融发展水平越高，并购绩效越好。但是，按所有权性质将样本划分为国有企业样本和非国有企业样本分别进行检验时，发现金融发展水平对国有企业样本的并购绩效没有显著影响，对非国有企业样本的并购绩效则具有显著正向作用。这一结果意味着所有权性质对于金融机构在企业信贷资源配置中具有异化效用，“国有”血统的企业对于金融发展不具有敏感性，而非国有企业则能够在金融发展水平高的环境中取得更好发展。对于国有企业样本，内源融资能力与并购绩效之间呈显著负向关系，同代理成本导致自由现金流假说理论预期一致。而非国有企业样本回归结果则没有显示内源融资能力对并购绩效产生负的影响。
본문이용중국상시공사2002～2009년상관수거화각지구금융발전수거，실증검험료융자능력대병구적효적영향。실증결과표명，대우외부융자의뢰성고적기업，금융발전수평월고，병구적효월호。단시，안소유권성질장양본화분위국유기업양본화비국유기업양본분별진행검험시，발현금융발전수평대국유기업양본적병구적효몰유현저영향，대비국유기업양본적병구적효칙구유현저정향작용。저일결과의미착소유권성질대우금융궤구재기업신대자원배치중구유이화효용，“국유”혈통적기업대우금융발전불구유민감성，이비국유기업칙능구재금융발전수평고적배경중취득경호발전。대우국유기업양본，내원융자능력여병구적효지간정현저부향관계，동대리성본도치자유현금류가설이론예기일치。이비국유기업양본회귀결과칙몰유현시내원융자능력대병구적효산생부적영향。
This paper exams the relationship between financing capability and M＆A performance based on listed companies＇ data and various regions＇ financial development data in China. The results suggest that the M＆A performance is better if the company locates in a better financial development environment. However, when we divide sample by ownerships, we find that the level of financial development has no significant impact on the state-owned sample＇s M＆A performance, though it has positive impact on non-state- owned sample with significance. The results are consistent with the notion that non-state-owned companies benefit more from better financial development because they are more likely to suffer financial discrimination for political reasons. We also find that there is a negative relationship between state-owned firms＇ internal financing capability and M＆A performance, which is consistent with the agency costs of free cash flow explanation. As for the non-state-owned firms, internal financing capability has no negative impact on M＆A performance.