- 1、本文档共7页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
外文翻译
原文
The choice of financing method in European mergers acquisitions
Material Source: Vanderbilt University Author: Mara Faccio
Global MA activity has grown dramatically over the last ten years, bringing with it major changes in the organization and control of economic activity around the world. Yet, there is much about the MA process that we do not fully understand, including the choice of payment method. Given the large size of many MA transactions, the financing decision can have a significant impact on an acquirer’s ownership structure, financial leverage, future profitability and subsequent financing decisions.In this study, we examine the choice of payment method and its determinants across a large sample of European MA transactions. Unlike several earlier studies of this question, our primary focus is on the relative importance of debt financing constraints and threats to corporate control, which have opposing effects on an acquirer’s financing choice.
An acquiring firm’s financing decision can be strongly influenced by its debt capacity, existing leverage and target leverage ratio, given that most acquirers have limited cash holdings, so that cash acquisitions generally require debt financing.1 Under existing theories of capital structure, debt capacity is a positive function of tangible assets, growth in earnings and asset diversification and a negative function of asset volatility.2 Firms with more tangible assets can borrow more privately from banks and publicly through bond issuance, which is generally easier when bonds receive higher ratings.3 Since larger firms are generally more diversified, we expect them to have a lower probability of bankruptcy at a given leverage ratio and thus, greater debt capacity. Firms with higher growth rates and lower volatility of earnings and valuation also are predicted to have lower bankruptcy risk and higher debt capacity. These financing constraint and bankruptcy risk considerations can also reduce a le
您可能关注的文档
- 宁波地区商业银行银行卡服务收费现状分析毕业论文.doc
- 宁波居民的基金投资研究毕业论文.doc
- 宁波农村金融需求与民间借贷研究毕业论文.doc
- 宁波市私募股权基金对高新技术项目投资运作及其发展对策研究毕业论文.doc
- 宁波市私募基金开展股权投资的现状与对策研究毕业论文.doc
- 宁波市小额贷款公司业务需求及其发展对策研究毕业论文.doc
- 宁波市中小企业金融支持中存在的问题与对策研究毕业论文.doc
- 宁波私募股权投资项目运作实例研究毕业论文.doc
- 宁波小额信贷可持续发展研究毕业论文.doc
- 宁波银行公司业务发展存在的问题和对策研究毕业论文.doc
- 2024-2030年峰值流量计行业市场现状供需分析及重点企业投资评估规划分析研究报告.docx
- 2024-2030年己酸羟孕酮注射液行业市场现状供需分析及重点企业投资评估规划分析研究报告.docx
- 2024-2030年手机行业市场发展分析及发展趋势前景预测报告.docx
- 2024-2030年抗菌包装行业市场现状供需分析及重点企业投资评估规划分析研究报告.docx
- 2024-2030年摄影器材市场发展现状分析及行业投资战略研究报告.docx
- 2024-2030年实木床架行业市场发展分析及发展趋势前景预测报告.docx
- 2024-2030年头发结合倍增器行业市场现状供需分析及重点企业投资评估规划分析研究报告.docx
- 2024-2030年小型水力发电行业市场现状供需分析及重点企业投资评估规划分析研究报告.docx
- 2024-2030年工业机器人行业市场深度分析及竞争格局与投资价值研究报告.docx
- 2024-2030年小微金融行业市场发展分析及投资前景研究报告.docx
文档评论(0)