Выбор методов финансирования сделок с активами, поглощений и слияний

Abstract

We examine the motivations for different financing methods of U.S. acquirers
 that buy divested assets. In contrast to the widely held opinion in the mergers
 and acquisitions (M&As) literature that acquirers use more equity payment in
 countries with high investor protection and low economic restrictiveness, this
 study finds that acquirers prefer cash payment in those countries. However,
 several deal, acquirer, and target characteristic significantly influence the
 financing methods, as suggested in the M&A literature.
 We also measure the announcement effects on acquirer’s value. Acquirers
 realize more pronounced wealth effects in domestic transactions compared to
 the effects in foreign transactions. Moreover, the effects for acquirers are more
 favorable when the relative size of the transaction is high, a proportion of the
 price is paid with equity, the assets are from bankrupt targets, and the acquirers’
 size is relatively small.