Based on a trade-off model of capital structure with immediate liquidation, and infinite debt maturity, we analyze the impact of prior-to-acquisition leverage levels on the optimal payment method used in an acquisition. Consistent with existing empirical studies, our model optimally yields three payment methods: Full cash, full equity, and a mix of cash and equity. The optimal level of cash in the transaction stems from the interplay between the magnitude of leverage deficit of one or both firms and the scale of synergies, in particular financial, that can be reaped from the acquisition. Finally, we emphasize the key role played by the capital structure of the target firm.

基于具有立即清算和无限债务到期的资本结构的权衡模型，我们分析了收购前杠杆水平对收购中使用的最佳支付方式的影响。与现有的经验研究一致，我们的模型最优地产生了三种支付方式：全额现金，全额股权以及现金和股权的混合。交易中现金的最佳水平源于一个或两个公司的杠杆赤字的规模与可以从收购中获得的协同效应，特别是财务协同效应的规模之间的相互作用。最后，我们强调目标公司的资本结构所起的关键作用。