基于并购视角的IPO动因实证研究 |
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引用本文:梁雯,刘淑莲.基于并购视角的IPO动因实证研究[J].财经理论与实践,2017,(3):71-76 |
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中文摘要:以2004—2010年沪深A股上市公司为研究样本,追踪企业IPO(首次公开募股,Initial Public Offerings,简称IPO)后5年,考察并购行为是否为企业进行IPO的重要动因之一。结果表明:现金对价方式的并购支出与IPO初始资金筹集量显著正相关,与SEO资金筹集量显著正相关;股票对价方式的并购支出与IPO抑价显著正相关,与Jensen指数显著正相关;并购总支出与IPO成本显著正相关,与企业债务资本筹集量显著正相关,与发行价格调整正相关但不显著。 |
中文关键词:IPO 并购 现金对价 股票对价 |
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An Empirical Study of IPO Motivation: A Perspective of Mergers and Acquisition |
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Abstract:We select all listed companies of Shanghai and Shenzhen A shares from 2004 2010 as a research sample,tracking for five years after IPO,then study whether the behavior of IPO is driven by the behavior of acquisition.The results show:Cash M & A expenditure is positively correlated with the amount of IPO initial fund raising and the amount of SEO.M & A expenditure in stock price is positively correlated with IPO underpricing and Jensen index.Total amount of M & A is positively correlated with the IPO cost and debt capital,but not significantly related to the offer price revision. |
keywords:Cash financed acquisitions Stock financed acquisitions |
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