本文關(guān)鍵詞： 關(guān)聯(lián)并購 融資約束 金融效應(yīng)　出處：《哈爾濱商業(yè)大學(xué)學(xué)報(社會科學(xué)版)》2017年03期 　論文類型：期刊論文

【摘要】：選取2011-2015年我國航運(yùn)集團(tuán)上市公司為樣本,從關(guān)聯(lián)并購與融資約束視角,依據(jù)K-Z指數(shù)模型和Ordered Logistic回歸模型實(shí)證檢驗影響航運(yùn)集團(tuán)資本市場資本配置效率因素;研究結(jié)果顯示:并購重組、資本輸入輸出流向、兩權(quán)分離、并購規(guī)模以及控股人身份是影響內(nèi)部資本市場金融效應(yīng)的關(guān)鍵因素,而金融杠桿效應(yīng)、公司市值比、總資產(chǎn)收益率與投資支出并不產(chǎn)生顯著影響,集團(tuán)資本市場投資支出行為則受到投資機(jī)會以及非自身現(xiàn)金流水平的共同影響。
[Abstract]:From the perspective of related mergers and acquisitions and financing constraints, the listed companies of shipping groups in China from 2011-2015 are selected as samples. According to K-Z index model and Ordered Logistic regression model, the factors that affect the capital allocation efficiency of shipping group capital market are tested. The results show that: M & A restructuring, capital input and output flow, separation of the two rights, M & A scale and the identity of the holding person are the key factors affecting the financial effects of the internal capital market, while the financial leverage effect of the company market value ratio. The total return on assets and the investment expenditure have no significant influence, while the investment expenditure behavior in the group capital market is influenced by the investment opportunity and the level of non-self cash flow.
【作者單位】： 上海海事大學(xué)經(jīng)濟(jì)管理學(xué)院;
【基金】：國家社會科學(xué)基金項目(13BJY178) 上海市哲學(xué)社會科學(xué)規(guī)劃項目(2012BGL005)
【分類號】：F550.66;F552
【正文快照】： 在海權(quán)建設(shè)競爭日益激烈的環(huán)境下,大航海并購浪潮推動了航運(yùn)業(yè)國有資本以多種方式參股企業(yè)并購重組,導(dǎo)致航運(yùn)集團(tuán)資本市場呈現(xiàn)規(guī)�；�、多元化。我國航運(yùn)企業(yè)相互并購整合是進(jìn)行企業(yè)資源和投資結(jié)構(gòu)調(diào)整的主要路徑,企業(yè)合并重組擴(kuò)大了航運(yùn)集團(tuán)規(guī)模效益,進(jìn)一步促進(jìn)了航運(yùn)業(yè)內(nèi)部資，

本文編號：1492010