ST公司并购现金支付方式决定因素研究——基于并购方与目标方双视角
The Determining Factors of Payment of M&A of ST Listed Company from Two Positions: An Empirical Study on Chinese Capital Market Based on the Logistic Model

采用Logistic模型，基于ST公司分别作为并购方和目标方双视角，考量中国资本市场并购活动中决定支付方式的市场因素、公司因素和交易因素。结果表明，市场因素中商业周期指标越积极，并购双方越愿意选择非现金支付；市场利率越高，越倾向于以现金支付。ST公司为并购方时支付方式选择受到管理者控制权、分析师数量和交易态度等因素的决定；ST公司为目标方时支付方式选择受到公司财务杠杆、公司成长机会、分析师数量和交易态度等因素支配。不同的并购支付方式会对并购后企业产生不同的效应。
This paper uses the Logistic model to study the payment of M&A of ST listed company as either the bidder side or the target side. We study the determining factors of payment of M&A of ST listed Company from three aspects: market factors, corporate factors and transaction factors. We find that, where there is different of merger position of ST listed companies, there is different of payment of M&A. Furthermore, when the ST listed company acts as the bidder in M&A, the payment should be influenced by the regulator right, number of analysts and hostile deals. However, when the ST listed company acts as the target in M&A, the payment should be governed by B/M, leverage, number of analysts and hostile deals. In brief, the difference of payment of M&A has an effect on different performances, and therefore analyzing the relevant determinants of ST listed companies that choosing more appropriate payment of M&A contributes to achieve the expected value after the merger.