企业并的购1.pdf

THE JOURNAL OF FINANCE • VOL. LXV, NO. 2 • APRIL 2010 Financial Structure, Acquisition Opportunities, and Firm Locations ANDRES ALMAZAN, ADOLFO DE MOTTA, SHERIDAN TITMAN, and VAHAP UYSAL∗ ABSTRACT This paper investigates the relation between firms’ locations and their corporate finance decisions. We develop a model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms located within industry clusters make more acquisitions, and have lower debt ratios and larger cash balances than their industry peers located outside clusters. We also document that firms in high-tech cities and growing cities maintain more financial slack. Overall, the evidence suggests that growth opportunities influence firms’ financial decisions. IN 1992, THE APACHE CORPORATION, then a small oil and gas firm located in Denver (CO), acquired MW Petroleum, a subsidiary of Amoco Corporation, a major integrated oil company. This acquisition, which more than doubled the size of its oil and gas reserves, was viewed by Apache’s top management as a major success, and to a large extent defined Apache’s future strategy: to grow by acquiring mature oil and gas fields from the major integrated oil firms. To implement this strategy Apache moved from Denver to Houston (TX), where most of the major oil firms had operations, and reduced its debt ratio to im- prove its credit rating. By locating in Houston, Apache’s management believed that they would have better access to and knowledge about potential deals. Maintaining an investment grade bond rating (Apache had a B rating whe