CAJ | 학술논문

本文研究了并购交易对中国主并公司资本结构的影响,以检验关于动态权衡理论的假设。针对2000—2010年发生的158宗并购交易,通过托宾模型预测了主并公司在并购发生前后的最优杠杆率,并在此基础上研究了并购对杠杆率偏差的影响。结果显示,主并公司在并购前存在着资本结构对于最优值的偏差;主并公司运用并购来矫正该偏差,由于矫正过度,它们在并购交易完成后的长期内继续消除这种偏差。基于对经典研究方法的三点改进,本文结果显著支持动态权衡理论,并且比先前的研究更加符合经验证据。稳健性检验揭示,中国上市公司在资本结构方面的行为模式与美国上市公司高度一致。
본문연구료병구교역대중국주병공사자본결구적영향,이검험관우동태권형이론적가설。침대2000—2010년발생적158종병구교역,통과탁빈모형예측료주병공사재병구발생전후적최우강간솔,병재차기출상연구료병구대강간솔편차적영향。결과현시,주병공사재병구전존재착자본결구대우최우치적편차;주병공사운용병구래교정해편차,유우교정과도,타문재병구교역완성후적장기내계속소제저충편차。기우대경전연구방법적삼점개진,본문결과현저지지동태권형이론,병차비선전적연구경가부합경험증거。은건성검험게시,중국상시공사재자본결구방면적행위모식여미국상시공사고도일치。
This article investigates the influence of M＆A on Chinese acquirers＇ capital structures to test the dy- namic trade- off theory. Based upon the 158 deals announced between 2000 and 2010, this study forecasts acquirers＇ optimal leverage ratios by Tobit model and then tracks the effects of M＆A on leverage ratio devia- tions. Empirical results show that acquirers＇ capital structures deviate from the optimal level before the deals, and acquirers make use of M＆A to diminish the deviations; because of the over- adjustment, acquirers con- verge to the optimal leverage ratios in the long- run post acquisitions. Due to the three modifications on the classic methodology, this research significantly supports the dynamic trade - off theory, and is more consistent with industrial evidences than any previous research. The robust test shows that Chinese firms＇ format on capital structure is highly consistent to those of the US firms.