We find that mergers and acquisitions (M&As) occurring after the 2007–2009 financial crisis were significantly more value enhancing than precrisis M&As, in both the short and long term. This superior postcrisis performance can be attributed to an increase in external financing constraints following the crisis that caused a decline in general financing availability. This decline restricted the universe of potential acquiring firms to those that were less financially constrained, whereas the typical postcrisis target firm was more financially constrained. As a result, postcrisis acquirers were able to obtain targets at more attractive prices relative to their intrinsic value during the precrisis period when external financing was much less constrained. We also find that the typical postcrisis acquirer had greater long‐term focus than their precrisis counterparts and used their financial strength to capitalize on strategic opportunities.

中文翻译：

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危机后的并购与财务约束的影响

我们发现，无论从短期还是长期来看，在2007–2009年金融危机之后发生的并购（M＆A）都比危机前的并购具有更大的价值增强能力。危机后的这种出色表现可归因于危机导致外部总体筹资能力下降的外部融资约束的增加。这种下降将潜在的收购公司的范围限制在财务上受到较少约束的公司，而典型的危机后目标公司则在财务上受到约束。结果，在危机前时期，外部融资受到的约束要少得多，危机后收购方能够以相对于其内在价值更具吸引力的价格获得目标。