| The imperfection of the China's financial market has led to the widespread problem of limited financing channels for enterprises,the unbalanced development of the regional economy has also made the financing environment of provinces and cities different from each other,and the special nature of property rights in China has also made financing more dificult for private enterprises,therefore,Chinese companies generally have financial constraints.Many scholars have studied how to ease the financial constraints,the main point is that fintech can reduce information asymmetry and financing costs,M&A can reconfigure resources and reduce financial friction,both are important ways to ease financial constraints,and are important topics for scholars in the field of research on financial constraints.However,previous studies have studied the effects of fintech or M&A on the impact of target parties on the relief of financial constraints separately.This paper combines two perspectives and considers the impact of M&A on acquiring firms,to study the relief of acquiring firms' financial constraint after acquiring fintech companies.This article takes the events of the A-share listed company that acquired the fintech enterprise during the period of 2010-2015 as the research object,obtains 135 M&A events as research samples through screening,and studies the mitigation of acquiring firms' financial constraint after acquiring fintech enterprise from both the regional and company levels.At the regional level,study the changes in the level of financial constraints measured by S A in each province from the perspective of ownership and M&A;at the company level,combined with some characteristics and business models of fintech,cash flow-cash flow sensitivity and investment-cash flow sensitivity of the acquiring firms are studied.Finally,this article analyzes the case of Tomson BJ's acquisition of Peng Ding Chuang Ying,and explores whether the financial constraints of private enterprises in Guangdong Province,where financial constraints have been mitigated more,will be mitigated due to acquiring of fintech companies.Through research,the following conclusions have been reached:1.Provinces with the largest share drop of state-owned enterprises and the largest number increase of M&A events,such as Beijing,Jiangsu,and Guangdong,have the greatest degree of ease of financial constraints measured by SA values,the average degree of relief exceeds 12%;2.The year after the acquisition of fintech companies by listed companies,the percentage increase in the amount of financing relative to the year before acquisition is higher for acquiring firms than that in the industry,the M&A events sample's financing amount increased by 65.15%,which is higher than the overall industry's 31.74%;3.After acquiring fintech companies,the cash flow-cash flow sensitivity of the acquiring firms' has declined,the interaction between the operating cash flow share ratio and the dummy variable of M&A is significantly negative,and the proportion of operating cash flow increases by 1%,the percentage change rate of cash-holding will reduce by about 0.91%,the long-term financial constraints are eased,but the impact on investment-cash flow sensitivity is not significant,the short-term financial constraints do not change significantly.The ease of the acquiring firms' financial constraints do not originate from the fintech companies' direct financing or cooperates with banks,but by business models such as supply chain finance improving the long-term financial and operating conditions.In addition,the distance between the two parties does not affect the financial constraints;4.The case analysis of Tomson BJ's acquisition of Peng Ding Chuang Ying shows that,in line with the above conclusions,after Tomson BJ's acquisition of Peng Ding Chuang Ying,all indicators have improved and the financial constraints have been eased,the case of Zhangjiang Hi-Tech's acquisition of People's Technology shows that there are indeed regional differences in the ease of financing constraints. |
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