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中文摘要：
以2010-2012年A股上市公司的并购交易事件为研究样本,研究并购融资方式对并购绩效的影响。结果表明：相对于其他融资方式,使用权益融资方式的公司进行并购后的绩效会显著提高,国有企业由于能获得更多的政府隐性支持,进而提高了权益融资方式对并购绩效的正面影响,而非国有企业使用权益融资的并购绩效并未显著提高;随着地区金融发展水平的提高,国有企业使用权益并购融资方式带来的优势会下降。研究结论表明,使用权益融资方式进行并购能有效提升并购绩效,但其作用还会受到公司的所有权性质以及所处地区的金融发展环境等因素的影响。
英文摘要：
It is indicated in the research, by taking as sample the M＆A transaction events in A-share listed companies from 2010 to 2012, on the influence of M＆A financing method on M＆A performance that the performance, relative to other financing method, of those companies with equity financing method after M＆A turns obviously higher, and state-owned enterprises make the positive influence of equity financing method on M＆A performance due to the implicit support from governments while the M＆A performance of those non state-owned enterprises with equity financing method are not obviously higher. And the advantages, with the regional financing development, tend to decrease that are brought by state-owned enterprises with equity financing method. It is concluded that the M＆A with equity financing method is more effective to enhance the M＆A performance but it will be influenced by the company ownership and the local environment of financing development.
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