学术讲座：Credit rating and corporate takeover decisions

金融学院SBF论坛第35讲

讲座题目：Credit rating and corporate takeover decisions

时间：2019年11月26日（周二），12:20 – 13:30

地点：博学楼918

主讲人：康梦瑶

主讲人简介：康梦瑶，首都经济贸易大学国际经济管理学院助理教授，硕士生导师。主要研究方向为公司并购与重组，企业关系网络。论文于中国国际金融年会，AsianFA等国际会议汇报。

讲座内容简介：This study examines the impact of credit rating on corporate acquisition decisions. I find that firms facing a potential rating downgrade conduct fewer acquisitions. This result is robust with different downgrade risk measurements. The finding is likely explained by the hypothesis that firms shy away from risky financial transactions such as acquisitions to avoid rating downgrade. Acquirers with higher downgrade risk tend to choose safer targets (i.e. targets with less information asymmetry). I also find that the prudent acquisition approach is associated with higher post-merger operating performance, which in turn reduces the downgrade risks. The main finding of this study is unlikely driven by an endogeneity effect of financial constraint. There is no evidence that firms with high rating downgrade risks pay lower premiums, use less cash or acquire smaller targets. These findings are at odds with the financial constraint explanation. In summary, firms facing a potential credit rating downgrade engage in acquisitions more cautiously to avoid downgrade.