Simultaneous Equation Model for Interactive Relation between Capital Structure and the Payment Method

被引：0

作者：

Sun Shipan ^{[1
,2
]}

Zhao Xi ^{[1
]}

Li Shengnan ^{[1
]}

机构：

[1] Tianjin Univ, Dept Management & Econ, Tianjin, Peoples R China

[2] Shandong Univ Finance & Econ, Sch Accounting, Jinan, Shandong, Peoples R China

来源：

INTERNATIONAL JOURNAL OF APPLIED MATHEMATICS & STATISTICS | 2013年 / 39卷 / 09期

基金：

中国国家自然科学基金;

关键词：

Leverage Level; Mergers and Acquisitions; Payment Method;

D O I：

暂无

中图分类号：

O29 [应用数学];

学科分类号：

070104 ;

摘要：

The relation between capital structure and payment method is the core of mergers and acquisitions. However, the interactive relation between the 2 of them has never been highlighted by any previous researches. The interaction between capital structure and payment method is studied in the Paper. The findings indicate that there is a significant interaction between capital structure and payment method; stock-payment is much more preferred by acquirers during capital market upsurge. We also find that, though the interactive relation does exist, it is not fully consistent with the target leverage theory, which means that the leverage is optimized in cash-payment cases, and deteriorated in stock-payment cases; and motivate on leverage optimization is weaker in stock-payment cases. Moreover, policy suggestions are provided in the end of the Paper.

引用

页码：251 / 268

页数：18

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