The Use of Excess Cash and Debt Capacity as a Motive for Merger
The Use of Excess Cash and Debt Capacity as a Motive for Merger
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利用过剩现金和债务能力作为合并动机
DOI：
10.2307/2330881
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发表时间：
1988
影响因子：
3.9
通讯作者：
R. Bruner
中科院分区：
文献类型：
--
作者：
R. Bruner
摘要本文探讨了资本结构变化为并购双方提供并购动机的假设。在简要回顾了支持这一假设的理论之后，本文报告了（1）投标人和目标公司的杠杆率，以及（2）与杠杆率变化相关的股东财富变化的测试结果。研究结果支持了Myers和Majluf的理论，即“富裕的”投标人与“贫穷的”目标配对以创造价值。这些结果与其他研究相反，这些研究发现了高风险的投标人。
Abstract This study explores the hypothesis that capital structure change provides bidders and targets a motive for merger. After a brief review of theories that would support the hypothesis, the paper reports results of tests on (1) leverage in bidder and target firms, and (2) change in shareholder wealth associated with change in leverage. The findings support the theory of Myers and Majluf that “slack-rich” bidders pair with “slack-poor” targets to create value. These results are contrary to other studies, which find highly levered bidders.