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以2007-2013年我国沪深上市公司为研究样本,探究银企关联和财务弹性对企业并购决策的影响。研究发现:财务弹性越高的企业,其发动并购的动机越强;当企业与银行之间的关联程度较高时,财务弹性对企业并购决策的正向作用减弱;银企关联程度较低的非国有企业的财务弹性对并购决策的正向作用更显著。上述说明影响企业并购活动的银企关联和财务弹性决策之间存在一种替代机制。
Taking the listed companies in Shanghai and Shenzhen from 2007 to 2013 as the research sample, this paper explores the impact of bank-enterprise correlation and financial flexibility on M & A decision-making. The results show that: the higher the financial flexibility, the motivation of M & A is stronger; when the correlation between the firm and the bank is relatively high, the positive effect of financial elasticity on M & A decision declines; the degree of association between bank and enterprise is low The non-state-owned enterprises’ financial flexibility plays a more significant positive role in M & A decision-making. The above description has an alternative mechanism between bank-enterprise linkage and financial flexibility decision that affect the M & A activity.