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1、外文翻譯原文ThechoiceoffinancingmethodinEuropeanmergers&acquisitionsMaterialSource:VanderbiltUniversityAuthor:MaraFaccioGlobalM&Aactivityhasgrowndramaticallyoverthelasttenyears,bringingwithitmajorchangesintheorganizationandcontrolofeconomicactivityaroundtheworld.Yet,thereismuchabouttheM&Aprocess
2、thatwedonotfullyunderstand,includingthechoiceofpaymentmethod.GiventhelargesizeofmanyM&Atransactions,thefinancingdecisioncanhaveasignificantimpactonanacquirer’sownershipstructure,financialleverage,futureprofitabilityandsubsequentfinancingdecisions.Inthisstudy,weexaminethechoiceofpaymentmeth
3、odanditsdeterminantsacrossalargesampleofEuropeanM&Atransactions.Unlikeseveralearlierstudiesofthisquestion,ourprimaryfocusisontherelativeimportanceofdebtfinancingconstraintsandthreatstocorporatecontrol,whichhaveopposingeffectsonanacquirer’sfinancingchoice.Anacquiringfirm’sfinancingdecisionc
4、anbestronglyinfluencedbyitsdebtcapacity,existingleverageandtargetleverageratio,giventhatmostacquirershavelimitedcashholdings,sothatcashacquisitionsgenerallyrequiredebtfinancing.1Underexistingtheoriesofcapitalstructure,debtcapacityisapositivefunctionoftangibleassets,growthinearningsandasset
5、diversificationandanegativefunctionofassetvolatility.2Firmswithmoretangibleassetscanborrowmoreprivatelyfrombanksandpubliclythroughbondissuance,whichisgenerallyeasierwhenbondsreceivehigherratings.3Sincelargerfirmsaregenerallymorediversified,weexpectthemtohavealowerprobabilityofbankruptcyata
6、givenleverageratioandthus,greaterdebtcapacity.Firmswithhighergrowthratesandlowervolatilityofearningsandvaluationalsoarepredictedtohavelowerbankruptcyriskandhigherdebtcapacity.Thesefinancingconstraintandbankruptcyriskconsiderationscanalsoreducealenderswillingnesstofinanceanacquirer’scashbid
7、,especiallyinrelativelylargedeals.Themergercurrencychoicehasimportantimplicationsforabidder’scorporategovernancestructuresincestockissuanceweakensadominantshareholder’svotingpower.Ifpreservingcontrolisimportanttobiddermanagement,thentheyhaveincentivestoselectc
