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

公司債務期限與收購決定

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：通過使用1991至2010年大樣本收購數據，本文就公司債務期限對企業收購決定的影響提供了一個實證分析。我們發現擁有更短債務期限的企業有更小的可能進行收購。如果它們進行收購，它們更有可能進行小額收購、花費更多時間完成收購、有更小可能進行全額現金報價，同時更傾向于使用更少的現金支付。這些結果支持增加的流動性風險假設所做出的預測。我們還發現那些更短的債務期限收購能夠實現更高的公告收益并得到更好的長期股票收益和經營業績。這些結果表明短的債務期限通過收購決定改善了資本分配效率。

關鍵詞：債務期限，收購決定，現金報價

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

原文鍊接：

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

翻譯：成祺炯