Impact of Conducting Mergers and Acquisitions on Relieving Financial Constraint Based on the Evidence from Chinese Listed Companies
This paper studies the relationship between M&A and relieving financial constraint. This paper hypothesizes that M&A transactions can relieve the financial constraint of firm. It models the relation between investment expenditure and internal cash flow. The extent to relieved financial constraint is captured by sensitivity of investment to interaction term between cash flow and dummy MA. Study empirically tests the sensitivities by using 150 Chinese listed companies who conducted M&A transactions during 2011 to 2014. By using both Eviews 8 and SPSS 17.0 for data analysis and processing, the conclusion is obtained that the financial constraint is relieved after conducting M&A.
financial constraint M&A cash flow Tobin Q
Yunhe Deng Jian Wu
School of Management Wuhan University of Technology Wuhan, China Adam smith business school University of Glasgow Glasgow, United Kingdom
国际会议
俄罗斯 莫斯科
英文
29-35
2016-12-15（万方平台首次上网日期，不代表论文的发表时间）