This thesis studies the effects of using proceeds from asset sales as a source of funding for mergers and acquisitions (M&As).ududThe first empirical chapter investigates the financing decisions made by acquiring firms and seeks to test a new theoretical framework proposed by Edmans and Mann (2017) which models a firm’s funding choice between asset sales and equity offerings. Their theory identifies settings in which a firm may prefer to select one financing source over the other, which may result in deviations from traditional financing theories. The predictions of this framework are empirically tested in an M&A setting.ududThe second empirical chapter provides evidence that mergers and acquisitions occur as part of asset restructuring, in which asset sale proceeds are associated with increased acquisition probability. Economically, firms with asset sales have a 17.02% higher likelihood to subsequently make acquisitions. These results are consistent with the notion that asset sales enhance firm capital liquidity, and asset sale proceeds can be used to fund acquisitions, particularly for financially constrained firms. Finally, firms conducting acquisitions after sales of unrelated assets are more likely to experience improvement in long-run operating efficiency.ududThe third empirical chapter establishes that asset sale proceeds are an economically important omitted variable that determines the method of payment in acquisitions. Specifically, the results show that firms with asset sales are more likely to subsequently conduct cash acquisitions, which translates into 42.76% higher likelihood to use cash method of payment. This finding is attributed to increased cash liquidity offered by asset sales. This study highlights the importance of asset sales on the crucial choice of payment method in acquisitions.ududOverall, the findings of this thesis provide strong evidence that asset sales are an important, but commonly overlooked, source of funds in mergers and acquisitions.
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机译：本文研究了将资产出售收益用作并购（M＆A）资金来源的影响。 ud ud第一章是对收购公司做出的融资决策进行研究，并试图检验Edmans提出的新理论框架曼（Mann）（2017）对公司在资产出售和股票发行之间的融资选择进行建模。他们的理论确定了一种环境，在这种环境中，企业可能会选择一种融资来源而不是另一种融资来源，这可能会导致偏离传统融资理论。该框架的预测在并购环境中进行了经验检验。 ud ud第二个经验章提供了证据，表明并购是资产重组的一部分，资产出售收益与收购概率的增加相关。从经济上讲，拥有资产出售的公司随后进行收购的可能性要高17.02％。这些结果与资产出售可以提高公司的资本流动性，资产出售所得可以用于为收购（特别是财务拮据的公司）提供资金的观点相一致。最后，在出售不相关资产后进行收购的公司更有可能在长期运营效率方面有所改善。 ud ud第三篇实证章确定，资产出售收益是一个经济上重要的被忽略的变量，它决定了收购中的付款方式。具体而言，结果表明，有资产出售的公司随后更有可能进行现金收购，这意味着使用现金支付方式的可能性增加了42.76％。这一发现归因于资产出售所提供的现金流动性的增加。这项研究突出了资产出售对并购中付款方式的关键选择的重要性。 ud ud总体而言，本论文的发现提供了有力的证据，证明资产出售是并购中重要但经常被忽视的资金来源。
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