制度环境、银企关系与企业并购支付方式

以2007~2012年上市公司的并购事件为样本,考察银企关系的不同形态对企业并购支付方式选择的影响。研究发现,具有良好银企关系的企业更倾向于采取现金并购支付方式,但是银企关系的不同形态对企业并购支付方式的选择具有不同的影响。与企业持股银行（股权式银企关系）相比,企业高管的银行背景（信任式银企关系）更倾向于采取现金支付方式。加入制度环境（货币政策以及地区金融发展水平）进一步检验后发现,在货币紧缩时期和金融发展水平低的地区,以上结论依然成立。

Institutional Environment, Bank-Firm Relationship and M&A Payment Method

The paper analyzes the M&A events of Chinese listed companies from 2007 to 2012, we test the impacts of two different Bank-enterprise relationships on the enterprise M&A payment option. We find that the company which has a good bank-firm relationship will tend to make cash payment. Compared with the enterprise shareholding Banks (equity Bank-enterprise relationship), the executives of Banks background (trust Bank-enterprise Relationship) are inclined to make cash payment. After further inspection which join the monetary policy and the level of regional financial development, we find that during the period of the monetary tightening and low level of financial development in the region, the above conclusion remains valid. The results expand the research literature about the economic consequences of bank-enterprise relationship, and strengthen the understanding that the impact of China "informal social networks" on enterprise economic behavior, therefore provides a reference for the enterprise to select the M&A payment method.