The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership
研究公司收购中支付方式选择的动机，发现收购方增长机会越高越倾向用股票支付；管理层持股在中等范围与股票支付负相关，而现金充裕、机构持股高和要约收购时更少用股票。
ABSTRACT This article examines the motives underlying the payment method in corporate acquisitions. The findings support the notion that the higher the acquirer's growth opportunities, the more likely the acquirer is to use stock to finance an acquisition. Acquirer managerial ownership is not related to the probability of stock financing over small and large ranges of ownership, but is negatively related over a middle range. In addition, the likelihood of stock financing increases with higher pre‐acquisition market and acquiring firm stock returns. It decreases with an acquirer's higher cash availability, higher institutional shareholdings and blockholdings, and in tender offers.