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Financial constraints and synergy gains from mergers and acquisitions
Journal of International Financial Management & Accounting ( IF 2.808 ) Pub Date : 2018-11-02 , DOI: 10.1111/jifm.12091
Yang Duan 1 , Yong Jin 2
Affiliation  

This paper examines mergers and acquisitions motivated by financial constraints. Synergy gain is measured as the cumulative abnormal return of a value‐weighted portfolio of the acquirer and the target around the acquisition announcement. By constructing a financial constraint difference between the target and the acquirer, we find a positive relationship between the financial constraint difference and synergy gains generated from the acquisition. The positive effect of the financial constraint difference is only significant for high growth targets and severely constrained targets. The acquirer's corporate governance also enhances the synergy gains created from the financial constraint difference. Additional evidence shows that both acquirer's and target's shareholders benefit from the financial constraint difference. Our results are robust for different measures of financial constraint.

中文翻译:

并购带来的财务限制和协同收益

本文考察了受财务约束驱动的并购。协同增效被衡量为收购方价值加权投资组合和收购公告前后目标的累计异常收益。通过构建目标与收购方之间的财务约束差异,我们发现财务约束差异与通过收购产生的协同收益之间存在正相关关系。财务约束差异的积极影响仅对高增长目标和严格约束的目标有意义。收购方的公司治理还增强了由财务约束差异产生的协同收益。其他证据表明,收购方和目标公司的股东都将从财务约束差异中受益。
更新日期:2018-11-02
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