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- W2358353485 abstract "In order to maximize the bidder's value in MA,the firms can not only maximize the income,not only minimize the cost.The costs of MA include not only transaction costs related to the means of payment,but also ones related to financing.Hence, given the income constant,the managements promote the firm value by decreasing two kinds of transaction costs related to payment and financing.Depart from the prior papers focusing on incomes of MA,costs of payment,or both of them,this paper investigates what factors the management consider for minimizing transaction costs related to financing and maximizing the value of MA.In another words,we want to analyze whether financing behavior of the firm conforms with Pecking order theory,which say costs of Internal Financing is smallest, ones of Debt Financing is in middle place,and ones of Equity Financing is biggest.The empirical results show that the firms will choose Internal Financing when free cash flow is enough,debt financing when capacity of debt financing is enough strong,equity financing when stock is overpricing or trading volume is big.Simultaneously,we find that the less ownership concentration the firm has,the more incentive to choose debt financing;the more growth opportunity,the more incentive to choose equity financing.The results imply that the order of financing in MA procedure conforms to Pecking Order Theory.For minimizing costs of MA and maximizing MA value,the firms would consider costs of capital,agency costs and so on.Hence,this paper not only contribute the prior MA research,but also can help academic,supervisors and market participants acknowledge the transaction costs in MA procedure completely and deeply." @default.
- W2358353485 created "2016-06-24" @default.
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- W2358353485 date "2012-01-01" @default.
- W2358353485 modified "2023-09-25" @default.
- W2358353485 title "The Analysis on What Factors Affect Financing Choice in M & A:Transaction Costs View" @default.
- W2358353485 hasPublicationYear "2012" @default.
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