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资本结构是现代企业财务管理研究的重点,并购支付决策作为并购活动中的重要环节,涉及企业融资及投资活动并受资本结构的影响,同时其也成为企业调整资本结构的契机。本文以上市公司产权属性为视角,选取2010-2013年上市公司并购案例为样本,采用实证检验的方法,研究在我国市场化进程不断推进及国有企业改革不断深入的背景下,企业的资本结构如何影响其并购支付方式,以及对于不同产权属性的企业,资本结构对并购支付方式的影响是否存在差异,以期能在为企业的并购支付决策提供理论依据和实证支持的基础上提出对策建议,以提高并购效率。
Capital structure is the focus of financial management research in modern enterprises. M & A payment decision, as an important link in M & A activity, involves the financing and investment activities of enterprises and is influenced by the capital structure. It also becomes an opportunity for enterprises to adjust their capital structure. Based on the property rights of listed companies, this paper chooses the M & A cases of listed companies from 2010 to 2013 as a sample and adopts the empirical test method to study how the capital structure of an enterprise is under the background of the marketization progress of our country and the deepening reform of state-owned enterprises Influence the way of M & A payment, and whether there are differences in the impact of capital structure on the M & A payment methods for enterprises with different property rights in order to provide suggestions on how to provide theoretical basis and empirical support for the M & M & A efficiency.