中国上市公司内外部融资约束与并购财务风险研究
Article Sidebar
Main Article Content
บทคัดย่อ
本文以中国2008-2012年沪深两市主板732家上市公司并购事件为样本，运用回归分析方法，对并购企业内外部融资约束与财务风险的关系进行研究。实证结果表明，内部融资约束与外部融资约束对财务风险的影响存在差异。企业的并购财务风险主要来源于内部融资约束，内部融资约束与长期和短期财务风险正相关。而外部融资约束对企业财务风险大小的影响是不确定的。因此，要控制企业并购中产生的财务风险，应着重于改善融资环境，提供适合经济发展的“资金容量”，减少企业面临的融资约束；同时要加强企业经营管理，增强企业创造现金流的能力。
With the mergers & acquisitions of 732 listed companies in Shanghai and Shenzhen main board stock market in China from 2008 to 2012 as study examples, the research on relationship between internal and external financing constraints of M&A companies and financial risk will be carried by the regression analysis method. The empirical results indicate that there are differences between the impacts the internal financing and external financing constraints having on financing risk. The financial risks of M&A mainly come from internal financing constraints, and there is a positive relationship between internal financing constraints and both long-term and short-term financial risks. Otherwise, the impact of external financing constraints on companies’ financial risks is uncertain. Therefore, the financial risks of M&A are supposed to be controlled by improving the financing environment, providing capital capacity suited to economic development and reducing financial constraints the enterprise being faced with. Meanwhile, operation management and capability to generating cash flows of enterprises are supposed to be strengthened.
Article Details
“ข้าพเจ้าและผู้เขียนร่วม (ถ้ามี) ขอรับรองว่า บทความที่เสนอมานี้ยังไม่เคยได้รับการตีพิมพ์และไม่ได้อยู่ระหว่างกระบวนการพิจารณาลงตีพิมพ์ในวารสารหรือแหล่งเผยแพร่อื่นใด ข้าพเจ้าและผู้เขียนร่วมยอมรับหลักเกณฑ์การพิจารณาต้นฉบับ ทั้งยินยอมให้กองบรรณาธิการมีสิทธิ์พิจารณาและตรวจแก้ต้นฉบับได้ตามที่เห็นสมควร พร้อมนี้ขอมอบลิขสิทธิ์บทความที่ได้รับการตีพิมพ์ให้แก่สถาบันการจัดการปัญญาภิวัฒน์หากมีการฟ้องร้องเรื่องการละเมิดลิขสิทธิ์เกี่ยวกับภาพ กราฟ ข้อความส่วนใดส่วนหนึ่งและ/หรือข้อคิดเห็นที่ปรากฏในบทความข้าพเจ้าและผู้เขียนร่วมยินยอมรับผิดชอบแต่เพียงฝ่ายเดียว”
References
Beaver, W. H. (1966). Financial Ratios as Predictors of Failure. Journal of Accounting Research, 4, 71-111.
Cleary, S. (1999). The Relationship between Firm Investment and Financial Status. The Journal of Finance, 54(2), 673-692.
Clementi, G. L. & Hopenhayn, H. A. (2006). A Theory of Financing Constraints and Firm Dynamics.The Quarterly Journal of Economics, 121, 229-265.
Fazzari, S., Hubbard, G. & Petersen, B. (1988). Financial Constrains and Corporate Investment. Brookings Papers on Economic Activity, 1, 141-195.
Firth, M., Lin, C. & Wong, S. M. L. (2008). Leverage and Investment under a State-owned Bank Lending Environment: Evidence from China. Journal of Corporate Finance, 14(5), 642-653.
Gu, N. K. & Sun, J. J. (2009). Financial Constraints, Cash Flow Volatility and Corporate Precautionary Cash Holdings. Journal of Business Economics, 4, 73-81. [in Chinese]
Hadlock C. & J. Pierce. (2010). New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index. Review of Financial Studies, 5, 529-544.
Huang, M. X. & Ren, J. H. (2014). Institution Environment, Ownership Structures, and Financial Risks——Evidence from Private Listed Companies. Journal of Yunnan University of Finance and Economics, 1, 131-137. [in Chinese]
Ji, W. W., Chen, Z. B. & Zhao, Y. (2014). Monetary Policy, Corporate Investment, Debt Financing and Financial risks. Economics Research of ShangHai, 5, 27-37. [in Chinese]
Kaplan, S. & Zingales, L. (1997). Do Financing Constraints Explain Why Investment Is Correlated with Cash Flow?. Quarterly Journal of Economics, 112, 169-216.
Li, B. C. & Zhu. Z. F. (2013). The Study on Impact between Chinese monetary policy and the financial risk. Journal of ZhongNan University of Economics and Law, 5, 95-101. [in Chinese]
Liu, S. L., Zhang, F. F. & Zhang. W. K. (2014). The Study between Financial Constraints, Fluctuation of Cash Flow and method of payment. Securities Market Herald, 5, 40-51. [in Chinese]
Luo, D. L. & Zhen. L. M. (2008). Private control, political relation and corporate financing constraints--based on empirical evidence of listed Chinese private enterprises. Journal of Financial Research, 12, 164-177. [in Chinese]
Lv, J. & Li, Z. F. (2008). Empirical Analysis of the Effect of Macro Economic Factors to Corporate Financial Crisis. Journal of ShanXi Finance and Economics University, 11, 94-100. [in Chinese]
Peng, C., Yang, H. & Huang, R. (2012). The Dynamic Relationships between Investment Decision and Financial Risks of Enterprises—Empirical Study Based on Foreign Trade Listed Companies. Journal of Yunnan University of Finance and Economics, 4, 114-121. [in Chinese]
Qian, Z. H. (2009). The empirical analysis of corporate governance and financial risk from the perspective of shareholding structure. Research on Economics and Management, 5, 80-86. [in Chinese]
Qu, W., Xie, Y. L. & Gao, J. X. (2011). The Empirical Research for the Relationship between Ownership Structure and Liquidity under the Influence of the Information Asymmetry. Nankai Business Review, 1, 44-53. [in Chinese]
Rajan, R. G. & Zingales. L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50, 1421-1460.
Rao, H. H. (2009). China’s financial development and the relief of financing constraints--based on the dynamic panel data analysis of system GMM. Journal of Financial Research, 9, 156-164. [in Chinese]
Shi, X. J. & Zhang, S. M. (2010). Behavior of substitution between trade credit and bank borrowing through economic cycles: Evidence from China. Journal of Management Sciences in China, 12, 10-22. [in Chinese]
Song, Sh. Q. & Liu, S. L. (2014). Financial Constraints, Debt Financing and Performance of Overseas Mergers and Acquisitions. Journal of Liaoning University, 2, 36-43. [in Chinese]
Wang, K. M., Ji, M. G. & Zhao, M. (2006). The Study on Macroeconomic environment, corporate governance and financial risk. Research on Economics and Management,9, 14-23. [in Chinese]
Wang, Y. C. (2009). Financial Constraints, Cash holdings and over-investment. Journal of Financial Research, 7, 121-132. [in Chinese]
Whited, T. M. & Wu, G. J. (2006). Financial Constraints Risk. The Review of Financial Studies, 19(2), 531-559.
Wu, J., Xu, S. & Shen, Y. (2014). The Empirical Study of the Impact of Financial Constraint on the Risk of Firms and the Prices of Stock. Nankai Economic Studies, 5, 54-71. [in Chinese]
Wu, S. N. & Lu, X. Y. (2001). A Study of Models for Predicting Financial Distress in China’s Listed Company. Economic Research Journal, 6, 46-55. [in Chinese]
Xiao, X. H., & Xie, C. (2012). Study on the Impact of Macroeconomic Variables on Financial Distress Risk of Enterprise. Journal of XiangTan University, 4, 88-93. [in Chinese]
Xie, J. G. & Zhao, L. B. (2014). Financing Constraints, Cash Holdings and M&A Payment Patterns-Evidence from Chinese Capital Market. Journal of Beijing Jiaotong University, 3, 78-83. [in Chinese]
Yang, M. Z. (2010). Ownership Structure Financial Risk and Cost of Debt Capital. On Economic Problems, 9, 104-108. [in Chinese]
Yu, F. S., Zhang, M., Jian, F. X. & Ren, M. J. (2008). Does Corporate Governance Influence Firm’s Financial Risk. Accounting Research, 10, 52-59. [in Chinese]
Zeng, A. M. & Wei, Z. H. (2013). Financial Constraints, Financial Flexibility and Investment-cash Flow Sensitivity: Theoretical Analysis and Empirical Evidence from Listed companies in China. Journal of Finance and Economics, 11, 48-58. [in Chinese]
Zhang, X. Z. (2010). Monetary Policy, Financing Constraints and Corporate Investment Decision. Doctoral dissertation, NanKai University. [in Chinese]