The Choice of Payment Method in European Mergers and Acquisitions
研究1997-2000年欧洲收购方对公开和私有目标公司的并购支付方式选择，发现公司治理与债务融资约束的权衡显著影响支付决策。
ABSTRACT We study merger and acquisition (M&A) payment choices of European bidders for publicly and privately held targets in the 1997–2000 period. Europe is an ideal venue for studying the importance of corporate governance in making M&A payment choices, given the large number of closely held firms and the wide range of capital markets, institutional settings, laws, and regulations. The tradeoff between corporate governance concerns and debt financing constraints is found to have a large bearing on the bidder's payment choice. Consistent with earlier evidence, we find that several deal and target characteristics significantly affect the method of payment choice.