The value of access to finance: Evidence from M&As

Jess Cornaggia; Jay Yin Li

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The value of access to finance: Evidence from M&As

机译：获得融资的价值：并购的证据

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We examine synergies in mergers and acquisitions (M&As) generated by firms’ comparative advantages in access to bank finance. We find robust evidence that greater access to bank finance increases firms’ attractiveness as acquisition targets. Targets’ comparative advantage in bank finance improves bank credit supply and reduces financing costs for the merged firms. These effects are more pronounced for acquirers with greater frictions in accessing bank loans and acquirers with greater growth opportunities. Overall, this paper reveals that targets, not just acquirers, contribute to financial synergies in M&As.

机译：我们考察了企业在获得银行融资方面的比较优势所产生的并购（M＆A）协同效应。我们发现有力的证据表明，更多的银行融资渠道可以提高公司作为收购目标的吸引力。 Targets在银行融资方面的比较优势改善了银行信贷供应，并降低了合并公司的融资成本。对于在获得银行贷款方面存在较大摩擦的收购方和具有更大增长机会的收购方而言，这些影响更为明显。总体而言，本文揭示了目标（而不仅仅是收购方）有助于并购中的财务协同效应。

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来源
《Journal of financial economics》 |2019年第1期|232-250|共19页
作者
Jess Cornaggia; Jay Yin Li;
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作者单位

Pennsylvania State University, Smeal College of Business, University Park;

City University of Hong Kong, College of Business|University of North Carolina at Greensboro, Bryan School of Business and Economics;

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原文格式 PDF
正文语种 eng
中图分类
关键词
MA; Access to finance; Financial synergy;

机译：并购;获得融资;财务协同;

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The value of access to finance: Evidence from M&As

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