The Use of Excess Cash and Debt Capacity as a Motive for Merger
检验资本结构变化是否为并购双方提供动机，发现现金充裕的收购方与现金匮乏的目标方配对能创造价值，与高杠杆收购方创造价值的结论相反。
This study explores the hypothesis that capital structure change provides bidders and tar? gets a motive for merger. After a brief review of theories that would support the hypothe? sis, the paper reports results of tests on (1) leverage in bidder and target firms, and (2) change in shareholder wealth associated with change in leverage. The findings support the theory of Myers and Majluf that slack-rich bidders pair with slack-poor targets to create value. These results are contrary to other studies, which find highly levered bid? ders.