FINANCIAL MANAGEMENT · Volume 47, Issue 1· Spring 2018 · Pages 159-173

公司现金持有与收购

作者：Erik Lie (University of Iowa in Iowa City), Yixin Liu (University of New Hampshire in Durham)

摘要：我们发现，收购方的公告收益受到他们现金持有的制约而下降，但只有当至少部分的支付是以股票形式实现的时候如此。我们进一步发现，使用股票支付的收购方股票是被高估的，尤其是当他们拥有多余的现金，并且他们本可以用这些现金支付。总的来说，我们的研究结果表明，投资者将股票的收购公告解释为一种信号，这种信号预示着收购方的股票被高估，并且高的现金持有量会强化这一信号。然而，我们的结果与现金持有导致价值毁灭型收购交易的普遍观念不一致。

Corporate Cash Holdings and Acquisitions

Erik Lie (University of Iowa in Iowa City), Yixin Liu (University of New Hampshire in Durham)

ABSTRACT

We find that acquirers’ announcement returns decline with their cash holdings, but only when at least part of the payment is in the form of stock. We further find evidence that acquirers that use stock payment are overvalued, especially when they have excess cash that they could have used instead. Collectively, our results suggest that investors interpret announcements of stock acquisitions as a signal that the acquirers’ equity is overvalued and that high cash holdings intensify this signal. However, our results are inconsistent with the common belief that cash holdings induce value-destroying acquisitions.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12185/full

翻译：施懿