To what extent does corporate liquidity affect M&A decisions, method of payment and performance? Evidence from China

被引：85

作者：

Yang, Junhong ^{[1
]}

Guariglia, Alessandra ^{[2
]}

Guo, Jie ^{[3
]}

机构：

[1] Univ Sheffield, Sheffield Univ Management Sch, Conduit Rd, Sheffield S10 1FL, S Yorkshire, England

[2] Univ Birmingham, Dept Econ, Birmingham B15 2TT, W Midlands, England

[3] Univ Durham, Durham Univ Business Sch, Mill Hill Lane, Durham DH1 3LB, England

来源：

JOURNAL OF CORPORATE FINANCE | 2019年 / 54卷

关键词：

Acquisitions; Cash holdings; Method of payment; Post-acquisition performance; China; FREE CASH FLOW; FINANCIAL CONSTRAINTS; AGENCY COSTS; OPERATING PERFORMANCE; OWNERSHIP STRUCTURE; SAMPLE SELECTION; BIDDING FIRMS; INVESTMENT; GROWTH; ACQUISITIONS;

D O I：

10.1016/j.jcorpfin.2017.09.012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a panel of Chinese listed firms over the period 1998-2015, we examine the extent to which liquidity impacts firms' acquisition decisions, method of payment choice, and performance following mergers. We observe that cash-rich firms are more likely to attempt acquisitions, especially if they are subject to tunneling. Next, we find that bidders with higher growth opportunities are less likely to use cash payments in acquisitions. This effect is stronger for financially constrained bidders, who face greater opportunity costs of holding cash. Our last set of results highlights the under-performance of cash acquisitions in both the short and long term. (C) 2017 The Author(s). Published by Elsevier B.V.

引用

页码：128 / 152

页数：25