Financial Management, Volume 45, Issue 3, Pages 737–768, Fall 2016.

公司债务期限与收购决定

作者：Xudong Fu (Department of Finance-College of Business at the University of Louisville), Tian Tang (Department of Finance-College of Business at the University of Louisville)

摘要：通过使用1991至2010年大样本收购数据，本文就公司债务期限对企业收购决定的影响提供了一个实证分析。我们发现拥有更短债务期限的企业有更小的可能进行收购。如果它们进行收购，它们更有可能进行小额收购、花费更多时间完成收购、有更小可能进行全额现金报价，同时更倾向于使用更少的现金支付。这些结果支持增加的流动性风险假设所做出的预测。我们还发现那些更短的债务期限收购能够实现更高的公告收益并得到更好的长期股票收益和经营业绩。这些结果表明短的债务期限通过收购决定改善了资本分配效率。

关键词：债务期限，收购决定，现金报价

Corporate Debt Maturity and Acquisition Decisions

Xudong Fu (Department of Finance-College of Business at the University of Louisville), Tian Tang (Department of Finance-College of Business at the University of Louisville)

Abstract

This paper provides an empirical analysis of the effects of corporate debt maturity on firms’ acquisition decisions using a large sample of acquisitions from 1991 to 2010. We find that firms with shorter debt maturity are less likely to undertake acquisitions. If they do, they are more likely to undertake smaller deals, take more time to complete, are less likely to make all cash offers, and tend to use less cash in the payment. These results support the predictions of the increased liquidity risk hypothesis. We also find that acquirers with shorter debt maturity realize higher announcement returns and experience better long-term stock returns and operating performance. These results suggest that short debt maturity improves the efficiency of capital allocation through acquisition decisions.

Keywords: debt maturity, acquisition decisions, cash offers

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12117/pdf

翻译：成祺炯