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本文选取我国沪深 A 股的上市公司样本数据，利用 Logit 模型和 Probit 模
型，从内生和外生两个角度，对融资能力是否会推进并购行为进行实证检验
本文实证研究的结果表明，融资能力越高的公司实施并购的可能性越大。内部
持有越多的超额现金的公司实施并购的可能性越大，而且随着金融市场发达程
度的提高，实施并购的概率会越大；外部融资需求越大，实施并购的可能性越
低，随着金融市场发达程度的提升，在一定范围内，会减弱外部融资需求对实
施并购的消极影响，超过一定的金融市场发达程度之后，外部融资需求越大，
则实施并购的可能性就越大，并购融资是同时受到公司融资能力和金融环境共
同作用的，实施并购决策也是受到融资能力和融资环境共同作用的结果。之后，
运用单一指标法和财务指标法两种方法，对并购绩效进行确定，进一步研究不
同融资方式下，融资能力对并购绩效产生了怎样的影响。研究表明，融资能力
越高，并购绩效也越高。主并购公司的短期绩效下降，而长期绩效得到了提高
权益融资方式与并购短期绩效负相关，与并购长期绩效正相关。据此，本文建
议改善融资市场环境、解决融资困难的问题、降低融资成本，通过消除并购发
展的融资阻碍，推动并购的广泛使用，发挥并购优化资源配置和创造价值的功
能
关键词：融资能力，并购融资方式，权益融资，并购绩效II
ABSTRACT
As an important way of capital operation, M&A could achieve asset reorganization,
asset allocation optimization, scale enlargement, and strategy transition, and therefore
realize new growth.In recent years, the merge and acquisition of listed companies
home and abroad has become frequented. China’s New Normal economy has
explored and released economic energy through supply-side structural reform, and
thus assets reorganization has been active again. M&A is paid attention because of its
huge trading volume. In order to acquire such huge capital, the acquirer needs to fully
aware of its financing ability, understand the characteristics of each M&A financing
mode, and chooses the proper financing channel, which is the focus of M&A theory
and practice.
This thesis selected Shanghai and Shenzhen A shares sample datasets of listed
companies, and adopted Logit model and Probit model to validate whether the
financing ability could improve M&A activity from endogenous and exogenous
aspects respectively. After that, employed single indicator and factor analysis methods
to quantize the acquisition performance, and then studied the influence of difference
financing ability to acquisition performance under different financing modes. Results
indicate that the higher financing ability, the higher possibility of acquisition. When
exceeding the finance market developing degree, the higher the possibility of
acquisition. Further research results show that, the acquisition performance is better
when financing ability is better. The short term performance of the acquirer declines,
but the long term performance increases. In addition, equity financing has negative
impact on short term performance, and positive impact on long term performance.
Accordingly, the study suggests improve financing market environment, solve
financing difficulties, decrease financing cost, and promote the wide use of M&A by
eliminating the obstacles in the process of acquisition development, and put the
resource allocation optimization of M&A and create value into good use.
KEY WORDS: Financing Capability, Financing Choice, Equity Financing, M&A
PerformanceIII
目 录
摘要.........I
ABSTRACT......II
第 1 章 导论......1
1.1 问题的提出......1
1.2 研究的理论和现实意义..........3
1.2.1 理论意义3
1.2.2 现实意义4
1.3 论文内容与结构..........5
1.4 研究方法..........7
1.5 本文创新点......8
第 2 章 文献综述..........9
2.1 关于并购融资的文献综述......9
2.1.1 国外文献综述....9
2.1.2 国内文献综述..10
2.2 关于并购绩效的文献综述....10
2.2.1 国外文献综述..11
2.2.2 国内文献综述..12
2.3 对已有研究的评述....12
第 3 章 并购相关理论分析....15
3.1 并购融资理论分析....15
3.2 并购融资方式16
3.2.1 并购融资工具..16
3.2.2 我国主要的并购融资方式......18
3.2.3 我国并购融资偏好及影响因素..........19
3.3 并购企业绩效20
3.3.1 并购绩效研究方法......20
3.3.2 并购绩效的影响因素..21
第 4 章 实证研究——融资能力与并购........23
4.1 研究设计........23
4.1.1 样本选择与数据来源..23
4.1.2 提出研究假设..24
4.1.3 研究模型与方法选择..25IV
4.2 实证....28
4.2.1 内生融资能力与并购..28
4.2.2 外生融资能力与并购..31
4.3 结论分析........35
第 5 章 实证研究——融资能力、融资方式与并购绩效....37
5.1 研究设计........37
5.1.1 样本选择与数据来源......
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