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公司通过收益最大化、成本最小化决策实现并购价值最优,并购成本不仅包括支付方式产生的交易成本,还包括融资方式中涉及的交易成本。在控制支付方式的情况下,本文考察为了减少公司并购过程中融资方式选择引起的交易成本,管理层会考虑哪些影响因素。实证结果发现:当公司存在充足自有资金时,会选择自有资金;当债务融资能力较强时,会选择债权融资;当股价表现好和交易规模较大时,会选择权益融资。同时,当股权集中度较低时,会选择债务融资;成长能力较强时,会选择权益融资。这表明,在进行融资方式选择时,公司主要考虑了资本成本和代理成本等交易成本以使并购成本最小化。文章的研究结论有助于学者、实践工作者全面认识并购过程中的交易成本问题。
The company maximizes the value of mergers and acquisitions by maximizing revenue and minimizing costs. Mergers and acquisitions costs include not only transaction costs incurred by payment methods, but also transaction costs involved in financing methods. In the case of controlling payment methods, this paper examines the factors that influence management to consider in order to reduce the transaction costs caused by the selection of financing methods in the process of mergers and acquisitions. The empirical results show that when the company has sufficient self-owned funds, it will choose its own funds; when the debt financing ability is strong, it will choose debt financing; when the stock price performance is good and the transaction scale is large, it will choose equity financing. At the same time, when equity concentration is low, debt financing will be selected; when growth ability is strong, equity financing will be selected. This shows that when choosing a financing method, the company mainly considers transaction costs such as capital cost and agency cost to minimize the cost of mergers and acquisitions. The research conclusions of the article help scholars and practitioners to fully understand the transaction costs in the process of mergers and acquisitions.