Corporate M&As Behavior under Financing Constraints:Motivation for Help or a Constraint?
This article uses the Heckman two-stage model to explore the impact of financing constraints on mergers and acquisi-tions(M&As)from the perspectives of conditional effects and motivational effects.The research results show that the motivational effect of mergers and acquisitions among Chinese listed companies is stronger,that is,companies with tight financing constraints are more likely to enhance their external financing capabilities through mergers and acquisitions.As financing constraints tighten,the motivational effect is offset,confirming the existence of conditional effects.Mechanism tests highlight that the motivations for M&As include the construction of internal capital markets and the dissemination of positive signals to the external environment.The study emphasizes that non-state-owned enterprises and growth-oriented firms are more motivated to utilize M&As as a means of"self-rescue"in the face of financing constraints.In light of these findings,it is recommended that government authorities pay more attention to distress signals from small and medium-sized private enterprises,strengthen financial support for firms with weak financing capabilities,and help to meet the capital needs of growth-oriented enterprises.
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