| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17867 |
| 来源ID | Working Paper 17867 |
| Financing-Motivated Acquisitions | |
| Isil Erel; Yeejin Jang; Michael S. Weisbach | |
| 发表日期 | 2012-02-23 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition. We evaluate the extent to which acquisitions lower financial constraints on a sample of 5,187 European acquisitions occurring between 2001 and 2008. Each of these targets remains a subsidiary of its new parent, so we can observe the target's financial policies following the acquisition. We examine whether these post-acquisition financial policies reflect improved access to capital. We find that the level of cash target firms hold, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline significantly, while investment significantly increases following the acquisition. These effects are stronger in deals more likely associated with financing improvements. These findings are consistent with the view that easing financial frictions is a source of value that motivates acquisitions. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w17867 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575542 |
| 推荐引用方式 GB/T 7714 | Isil Erel,Yeejin Jang,Michael S. Weisbach. Financing-Motivated Acquisitions. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17867.pdf（165KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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