中文摘要：

笔者利用2003年~2013年中国上市公司的并购事件数据,研究我国金融发展水平对外部融资依赖性与企业并购之间关系的调节作用以及金融发展对并购市场规模的影响作用。研究发现：企业外部融资依赖性越高,发生并购的概率则越低,但是当金融发展程度提高时,企业外部融资依赖性对并购发生概率的负向作用随之降低,并且当金融发展水平值（信贷资源配置市场指数）高于7.431时,金融发展有利于外部融资依赖性高的公司获得资金,从而提高并购发生的概率。地区的金融发展水平越高,控制权市场越活跃,其并购市场规模越大,这意味着控制权市场活跃度受到金融发展的影响。

英文摘要：

Using mergers and acquisitions data of the listed companies during 2003- 2013,this paper exams the adjustment effect of the China＇s financial development on the relationship between the firm＇s dependence on external financing and the mergers and acquisitions.The empirical evidence shows that the more dependence on external financing,the lower of the probability of mergers and acquisitions is. However,the financial development can alleviate the negative effect of dependence on external financing on the probability of mergers and acquisitions. When the value of financial development level（ Credit Resources Market Index） is higher than 7. 431,the financial development will enhance the probability of mergers and acquisitions because firms with higher dependence on external financing can more easily raise funds outside. This paper also finds that the higher of the local financial development in a region and the more active control over the markets,the greater the M A market size,which means that the financial development affects the control over the market activity.