Asset Specificity,Financing Capacity and Companies M&A:Evidence from Chinese A - share Industrial Listed Companies
利用2004-2009年中国A股工业上市公司并购数据，检验资产专用性和融资能力对并购中权力配置（谁成为收购方）的影响，发现融资能力有显著正向作用，而资产专用性影响不确定。
Using the MA data of Chinese A-share listed industrial companies from 2004 to 2009,this paper tests Transaction Cost Economics and Property Rights Theory from power allocation perspective.Measuring asset specificity by fixed assets ratio,weighing financing capacity by asset-liability ratio and cash ratio,it is found that the impacts of asset specificity on power allocation(who should become the acquiring company) is uncertain, while financing capacity exerts a significant positive effect on power allocation.Consequently,the property rights framework that power should be matched to the party who has more significant investment or is indispensable in bilateral relations is supported to some extent.