本文章檢視企業併購時主併公司的內部資金流動性、投資機會以及經理人風險趨避程度對使用或有性支付的影響。我們認為較高的投資機會及當經理人存在較高的風險趨避程度時，會有比較高的誘因去使用或有性支付。而在實證結果發現，當主併公司擁有比較高的投資機會時比較容易在併購時使用或有性支付。更重要的是，這個正向的關係，在低現金持有公司的樣本會較高現金持有公司樣本結果來的顯著。再者，我們也發現當我們使用經理人的選擇權持有當作其風險趨避程度的代理變數，經理人的選擇權持有比率與或有性支付的使用呈現正向關係。而在小樣本分析中，我們更發現當目標公司為非上市公司會是影響企業併購時使用或有性支付的一項重要決定因素。最後，我們亦檢視主併公司在使用或有性支付時的報酬並與使用股票支付比較，結果發現當公司有較高的現金持有時，使用或有性支付的報酬會高於使用股票支付。

We investigate the effects of bidding firm’s internal liquidity, investment opportunities, and managerial risk-aversion on the likelihood of using contingent payment. We argue that bidding firms with high investment opportunities and managerial risk-aversion are more likely to use contingent payment. Empirically, we find that the bidding firms with higher investment opportunity set (IOS) tend to use more contingent payment. More importantly, the positive relation between investment opportunities is more significant in non cash-rich firms than in cash-rich firms. Next, we also find the positive relation between CEO’s option holding as a proxy of managerial risk-aversion and the use of contingent payment. With subsample analysis, our results indicate the private target is an important determinant of using contingent payment. Furthermore, we examine the announcement returns of cash-rich bidders, and our evidence shows that using contingent payment experiences better announcement returns than using stock payment for M&As.

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