并购企业支付方式选择与内部控制、资本结构--基于logistic回归模型的实证研究

摘要

Using empirical methods such as logistic regression to analyze how the internal control level and the capital structure influence the acquisition payment. The research samples are based on 922 listed companies’ merger cases happened in 2008~2010. Study shows:Compared with cash payment, the lower the asset-liability ratio is, the greater the chance of equity payment happens;the lower the internal control level is, the less possibility the equity payment happens. The internal control and capital structure do not have strong relationships with asset payment and other payment (mostly based on mixed payment).%以2008～2010年间沪市上市公司的922起并购案例为研究样本，通过logistic回归方法，实证分析了内部控制水平、资本结构对并购支付方式选择产生的影响。研究发现：与现金支付相比，资产负债率越低，股权支付的可能性越大；内部控制水平越低，股权支付的可能性越小。内部控制水平与资本结构对资产支付及其他支付方式(以混合支付为主)影响不显著。