Do Acquisitions Relieve Target Firms’ Financial Constraints?
研究欧洲收购样本发现，收购后目标公司现金持有水平、现金对现金流的敏感度以及投资对现金流的敏感度均下降，投资增加，表明收购缓解了目标公司的融资摩擦，尤其对小型目标公司效果更明显。
ABSTRACT Managers often claim that target firms are financially constrained prior to being acquired and that these constraints are eased following the acquisition. Using a large sample of European acquisitions, we document that the level of cash that target firms hold, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline, while investment increases following the acquisition. These effects are stronger in deals that are more likely to be associated with financing improvements. Our findings suggest that acquisitions relieve financial frictions in target firms, especially when the target firm is relatively small.