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Impact of industry characteristics on the method of payment in mergers

机译：行业特征对并购支付方式的影响

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摘要

Most research that attempts to explain the method of payment used in mergers focuses on firm-specific characteristics, but ignores the influence of industry characteristics. We investigate how industry factors influence the method of payment decision in mergers (as measured by proportion of stock financing) and report two major findings. First, we find little support for the contention of the overvaluation hypothesis that stock financing rises during merger waves. The influence of the merger wave is conditioned on industry characteristics that are occurring during the wave. Second, the influence of firm characteristics on the method of payment varies with industry conditions. For example, the association between the bidder's free cash flow level or financial leverage and the method of payment is dependent on the prevailing growth in the corresponding industry. Overall, our findings are more consistent with the neoclassical rather than the overvaluation hypothesis.
机译：大多数试图解释合并中使用的支付方式的研究都集中在公司特定的特征上，而忽略了行业特征的影响。我们调查行业因素如何影响合并中的付款决定方法（以股票融资比例衡量），并报告两个主要发现。首先，我们发现很少有人支持并购浪潮中股票融资增加的高估假说。合并浪潮的影响取决于浪潮期间发生的行业特征。其次，企业特征对支付方式的影响随行业状况而变化。例如，投标人的自由现金流量水平或财务杠杆与付款方式之间的关联取决于相应行业的普遍增长。总体而言，我们的发现更符合新古典主义，而不是高估假设。

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