The Timing and Method of Payment in Mergers when Acquirers Are Financially Constrained
构建模型分析财务受限的竞标者如何决定是否发起收购、出价多少以及用现金还是股票支付，发现财务约束不影响赢家身份但降低发起收购的动机，现金使用与协同效应正相关、与财务约束负相关。
Although acquisitions are a popular form of investment, the link between firms’ financial constraints and acquisition policies is not well understood. We develop a model in which financially constrained bidders approach targets, decide how much to bid and whether to bid in cash or in stock. In equilibrium, financial constraints do not affect the identity of the winning bidder, but they lower bidders’ incentives to approach the target. Auctions are initiated by bidders with low constraints or high synergies. The use of cash is positively related to synergies and the acquirer’s gains from the deal and negatively to financial constraints. Received March 3, 2016; editorial decision August 18, 2017 by Editor Itay Goldstein. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.