正大管理学院
Panypiwat Institute of Management
工商管理哲学博士论文答辩公告
Announcement of Ph.D. in Business Administration Dissertation Defense
姓名/Name：李宁 MS. Ning Li
学号/Student ID：5781100024
题目：融资约束、并购支付方式与财务风险研究
Title: The Study on Financing Constraints and Method of Payment of M&A and Financing Risk
摘要/Abstract：见第二页, See Pages 2-4
主导师/Chief Adviser: 罗教讲 Dr. Jiaojiang Luo
日期/Date: 2017年1月18号 时间/Time: 11:00
地点/Location：CP ALL Academy 4-1602 休息室/Waiting Room：CP ALL Academy 4-1607
答辩委员会成员/Dissertation Committee：
宋学宝 教授（ 清华大学），答辩委员会主席 Prof. Dr. Xuebao Song (Tsinghua University), chair
罗教讲 教授，主导师 Prof. Dr. Jiaojiang Luo, chief adviser
陈奡 博士，委员 Dr. Ao Chen, committee member
王铁男 教授，委员 Prof. Dr.Tienan Wang, committee member
何晓明 教授，委员 Prof. Dr.Xiaoming He, committee member
备注/Note: 答辩现场对在读博士研究生和老师开放。Faculty, lecturer and doctoral students are welcome to observe.
摘要
经济全球化加强了企业之间的竞争与合作。并购作为企业扩大规模、实施战略调整、增强企业实力、提高核心竞争力的重要手段，为企业发展提供了很大的空间。随着并购交易额的不断增大，投资者在关注并购绩效的同时，把目光逐渐转向了并购风险问题。本文以中国2008-2012年并购事件为样本，从企业面临的内外部融资约束出发，研究融资约束、并购支付方式以及财务风险三者的关系以及相互影响的机理。
本文的研究表明：（1）并购活动中单一支付方式的局面并没有根本改变，选择现金支付方式的企业有近87%；（2）企业内部融资约束与现金支付方式在1%的显著性水平上显著为负，表明企业面临的内部融资约束程度越高，其选择股票支付方式的可能性越大；（3）企业的信贷规模约束与现金支付方式在10%的显著性水平上显著为负，表明信贷规模越小，企业面临的外部融资约束越大，就越倾向于选择股票支付方式；（4）企业的股权扩容规模约束与并购现金支付方式在1%的显著性水平上显著为负，表明股权扩容规模约束越大，收购时选择股票支付方式的可能性越大。（5）现金支付方式与长期财务风险在1%的显著性水平上显著为负，与短期财务风险在10%的显著性水平上显著为正，综合并购支付方式对长期财务风险和短期财务风险的关系，股票支付方式给收购方带来的财务风险要比现金支付方式的大。（6）融资约束对财务风险的影响。内部融资约束与外部融资约束对财务风险的影响程度是不同的，内部融资约束均与长期和短期财务风险都通过了显著性检验，表明企业的财务风险主要来源于内部融资约束，而外部融资约束对企业财务风险大小的影响是不确定的。（7）产权性质对并购支付方式选择的影响。非国有企业相对于国有企业，更倾向于选择股票支付方式。（8）内外部融资约束与并购支付方式对财务风险的交互影响。当企业面临内部融资约束和股权扩容规模约束时，企业选择现金支付方式会提高其短期财务风险水平，而对长期财务风险水平则没有这种效应；信贷规模约束则不能通过并购支付方式来改变企业面临的长期和短期财务风险水平。
基于以上研究结论，为更好控制企业并购中产生的财务风险，规范企业和并购行为，提出以下政策建议：一是要改善企业融资环境，减少企业面临的融资约束；二是完善资本市场资源配置功能，改变并购支付方式单一的现状；三是加强企业经营管理，增强企业创造现金流的能力。
ABSTRACT
Economic globalization strengthens cooperation and competition between companies. As an important means to expand scale, make strategic adjustment, enhance capability, and improve core competitiveness, merger and acquisition provides a big space for company development. With the increase of M&A transaction amount, investors gradually transfer their attention to the risk of M&A when they still focus on the performance. This paper examples the M&A events in Chinese market between the year of 2008 to 2012, sets out the research from companies’ internal and external financing constraints, and studies the relationship among financing constraints, M&A payment methods, and financial risks and their interaction mechanism.
The study shows: (1) The situation of single M&A payment method barely changed. Nearly 87 percent of companies chose cash payment method. (2) The correlation of companies’ internal financing constraints and cash payment method was significantly negative on the 0.01 significance level, indicating that the more a company’s internal financing is constrained, the higher possibility stock payment method would be chosen. (3) The correlation of companies’ credit amount and cash payment method was significantly negative on the 0.1 significance level, which indicates that the less the credit amount is, the more a company’s external financing is constrained, thus the higher possibility stock payment method would be chosen. (4) The correlation of companies’ equity expansion constraints and cash payment method was significantly negative on the 0.01 significance level, which indicates that the more a company’s equity expansion is constrained, the higher possibility stock payment method would be chosen. (5) The correlation of cash payment method and long term financial risk was significantly negative on the 0.01 significance level. The correlation of cash payment method and short-term financial risk was significantly positive on the 0.1 significance level. Considering the relationship between M&A payment methods and long-term, short-term financial risk, stock payment method results in higher financial risk to acquirer than cash payment method. (6) The impact of financing constraints on financial risk. The impacts of internal and external financing constraints on financial risk are different. Significance tests for internal financing constraints and long-term, short-term financial risk has been done, showing that a company’ financial risk mainly comes from the its internal financing constraints, while the impact of external financing constraints on financial risk is uncertain. (7) The impact of property rights on M&A payment methods. Non-state enterprises are more declined to choose stock payment method than state-owned enterprise. (8) Reciprocal effects among internal financing constraints, M&A payment methods and financial risk. When a company has internal financing and equity expansion constraints, cash payment method would increase its short-term financing risk, but no similar effect on the long-term financing risk. The constraint on credit amount could not change the long-term and short-term financing risk level through the selection of M&A payment methods.
Based on the above discussion, in order to better control M&A’s financial risk and regulate M&A, there are several suggestions: (1) improve company’s financing environment and reduce its finance constraints; (2) strengthen the function of resource distributions in capital market, and change the situation of using single acquisition payment method; (3) reinforce company’s operating management and improve the ability of making cash flows.