财务驱动因素和内生性需求的并购特征：来自中国香港上市公司的证据

晓全 刘(上海财经大学，中国)

摘要

基于近十年中国香港上市公司的财务数据和并购事件，我们构建了一个logit回归模型，分析了包括收入、债务比率、现金流、投资等在内的多个财务指标对并购概率的影响。研究结果表明，公司的收入水平和运营现金流对并购决策有显著的正向影响，而货币资金和融资现金流的影响则不显著。这一发现揭示了中国香港企业的并购动机主要源于内生性需求，而非外部融资驱动。本研究为理解中国香港资本市场的并购行为提供了新的实证证据，同时也为企业管理者和政策制定者提供了有价值的参考。

关键词

并购；上市公司；财务驱动因素；logit模型；内生性需求

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DOI: http://dx.doi.org/10.12345/cjygl.v8i9.21073