Politická ekonomie
Politická ekonomie
Politická ekonomie
TEORETICKÝ ČASOPIS • ISSN 0032-3233 (Print) • ISSN 2336-8225 (Online)

Politická ekonomie Vol. 65 No. 5

Realokace kapitálu evropských firem po fúzích a akvizicích v období let 1997–2013

DOI: https://doi.org/10.18267/j.polek.1161

[plný text (PDF)]

Jan Hanousek, Anastasiya Shamshur, Jiří Trešl

This study examines the diversion of funds in M&A deals, using over 7,500 deals from core European countries for the period from 1997 to 2013, sourced from the Zephyr database. Theoretical predictions suggest that in M&A deals acquiring companies may use the target’s assets as collateral to raise funds which is then diverted within the internal capital markets. Our results do not indicate an increase in leverage burdens of target firms. While we do not find evidence that assets are used as collateral to raise financing, our results point to indirect clues that funds are diverted away from the target company after the acquisition.

JEL klasifikace: G32, G34

Ahern, K. R., Harford, J. (2014). The Importance of Industry Links in Merger Waves. The Journal of Finance, 69(2), 527–576, https://doi.org/10.1111/jofi.12122

Bartelsman, E., Beetsma. R. M. W. J. (2003). Why Pay More? Corporate Tax Avoidance through

Transfer Pricing in OECD Countries. Journal of Public Economics, 87(9–10), 2225–2252,


Bruner, R. F. (1988). The Use of Excess Cash and Debt Capacity as a Motive for Merger. Journal of Financial and Quantitative Analysis, 23(2), 199–217, https://doi.org/10.2307/2330881

Clark, K., Ofek, E. (1994). Mergers as a Means of Restructuring Distressed Firms: An Empirical Investigation. Journal of Financial and Quantitative Analysis, 29(4), 541–565, https://doi.org/10.2307/2331109

Cristea, A, D., Nguyen, D. X. (2016). Transfer Pricing by Multinational Firms: New Evidence from Foreign Firm Ownerships. American Economic Journal: Economic Policy, 8(3), 170–202, https://doi.org/10.1257/pol.20130407

Erel, I., Jang, Y., Weisbach, M. S. (2015). Do Acquisitions Relieve Target Firms’ Financial Constraints? The Journal of Finance, 70(1), 289–328, https://doi.org/10.1111/jofi.12155

Fan, J., Goyal, V. (2006). On the Patterns and Wealth Effects of Vertical Mergers. The Journal of Business, 79(2), 877–902, https://doi.org/10.1086/499141

Ghosh, A., Jain, P. C. (2000). Financial Leverage Changes Associated with Corporate

Mergers. Journal of Corporate Finance, 6(4), 377–402, https://doi.org/10.1016/s0929-1199(00)00007-9

Gombola, M., Marciukaityte, D. (2013). Changes in Capital Structure: Asset Characteristics

or Managerial Preferences. Journal of Financial Research, 36(4), 519–542, https://doi.org/10.1111/jfir.12022

Harford, J., Klasa, S., Walcott, N. (2009). Do Firms have Leverage Targets? Evidence from

Acquisitions. Journal of Financial Economics, 93(1), 1–14, https://doi.org/10.1016/j.jfineco.2008.07.006

Johnson, E., Johnson, N. B., Pfeiffer, T. (2016). Dual Transfer Pricing with Internal and

External Trade. Review of Accounting Studies, 21(1), 140–164, https://doi.org/10.1007/s11142-015-9343-x

Lemmon, M. L., Roberts, M. R., Zender, J. F. (2008). Back to the Beginning: Persistence and the Cross-section of Corporate Capital Structure. The Journal of Finance, 63(4), 1575–1608, https://doi.org/10.1111/j.1540-6261.2008.01369.x

Leland, H. E. (2007). Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers, Spinoffs, and Structured Finance. The Journal of Finance, 62(2), 765–807, https://doi.org/10.1111/j.1540-6261.2007.01223.x

Lewellen, W. G. (1971). A Pure Financial Rationale for the Conglomerate Merger. The Journal of Finance, 26(2), 521–537, https://doi.org/10.2307/2326063

Morellec, E., Zhdanov, A. (2008). Financing and Takeovers. Journal of Financial Economics, 87(3), 556–581, https://doi.org/10.1016/j.jfineco.2007.01.006

Myers, S. C., Majluf, N. S. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors do not have. Journal of financial economics, 13(2),

187–221, https://doi.org/10.1016/0304-405x(84)90023-0

Ravenscraft, D. J., Scherer, F. M. (1989). The Profitability of Mergers. International Journal of Industrial Organization, 7(1), 101–116, https://doi.org/10.1016/0167-7187(89)90048-9

Stein, J. C. (1997). Internal Capital Markets and the Competition for Corporate Resources. The Journal of Finance, 52(1), 111–133, https://doi.org/10.2307/2329558

Uysal, V. B. (2011). Deviation from the Target Capital Structure and Acquisition Choices. Journal of Financial Economics, 102(3), 602–620, https://doi.org/10.1016/j.jfineco.2010.11.007