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中文摘要：
以2008~2011年我国沪深上市公司及该段时间内上市公司发生的2 606笔未成功并购交易和1 729笔成功并购交易作为研究样本,采用Logit模型和混合OLS模型研究了主并公司现金持有状况对并购决策及并购绩效的影响。研究结果表明,相对于现金持有不足的公司,现金持有超额的公司更可能发动并购;主并公司的现金持有水平与短期并购绩效不存在显著关系;现金持有超额的主并公司现金持有水平与长期并购绩效负相关,而现金持有不足的主并公司现金持有水平与长期并购绩效不存在显著关系。这些实证结果支持了自由现金流假说和现金持有超额公司并购的代理动机。
英文摘要：
Using a special sample data of 2606 unsuccessful merger and acquisition cases and 1729 successful ones among listed corporations in Shanghai and Shenzhen stock exchange from 2008 to 2011,applying Logit model and pooled OLS model,this paper studies the influence of acquiring firm＇s cash holding position on the MA decision and MA performance. The paper finds that excess cash holdings corporations have more inclinations to acquire than those inadequate cash holdings corporations. The acquiring corporations＇ cash holding level has no significant influence on the merger performance in short period. The cash holding levels in those excess cash holdings acquiring corporations has negative influence on merger performance in long period. But the cash holding levels in those acquiring corporations with inadequate cash holdings do not have significant influence on merger performance in long period. The empirical outcomes uphold the free cash flow hypothesis and the agency motives of excess cash holding firms.
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