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本科毕业论文（设计） 外 文 翻 译 原文： What determines the financing decision in corporate takeovers:cost of capital, agency problems,or the means of payment? The empirical literature has given notable attention in recent years to the choice of the means of payment in corporate takeovers. In this literature, the term “means of payment” is usually considered as synonymous to the “sources of takeover financing”. we consider how the choice of sources of funding of mergers and acquisitions and the means of payment is affected by the bidders’ concerns with respect to the risk of overpayment for the target (Hansen, 1987), the risk of a change in the firm’s control structure (Faccio and Masulis, 2005), and the risk of a bid’s failure (Fishman, 1989). Our main findings are that the financing decision is explained by pecking order preferences, the need of flexibility in managing corporate funds, and the corporate governance environment that influences the costs of external capital. We find no evidence that the financing decision is driven by potential agency conflicts between managers and shareholders, or between shareholders and creditors. There is evidence that the choice of equity versus internal cash or debt financing is influenced by the bidder’s strategic preferences with respect to the means of payment. A nested logit analysis reveals that the payment decision depends on the degree to which the bidder’s large shareholders wish to retain control after the takeover, and on the intention of the bidder’s shareholders to share the risk of the transaction with the target’s shareholders or to buy all these shareholders out. These factors do not directly influence the financing decision, but only indirectly through the means of payment choice. Therefore, we conclude that the two decisions on the means of payment and on the sources of financing in corporate takeovers are driven by distinct determinants. The analysis of the valuation effect of takeovers that are financed with different so