本篇文章透過東亞九國之樣本檢視海外併購與融資限制之關連性，且主要是由海外併購之發生與支付形式兩方面來探討。實證結果發現，公司確實會因為外部融資受限而影響公司的海外投資行為，如跨國併購。就公司內部觀點而言，持有較高的現金部位將使公司有足夠的內部資金與外部融資額度支應跨國併購活動。相較之下，高槓桿的公司則因融資額度受限而導致無法取得足夠的資金進行海外併購。除此之外，實證結果發現治理環境與股票市場的發展同樣有利於海外併購行為的發生。
另一方面，結果顯示當公司具有高度槓桿或持有高現金部位時，則較不可能單純以現金支付海外併購所需。再者，家族企業多半強調公司控制權的維持，且具有特殊管道以籌措外部資金。因此，即便這些家族企業內部存在高負債比例，他們仍可完全以現金作為支付條件，也就是說，亞洲企業的特有現象－家族企業確實有助於公司改善外部融資限制。除了公司本身之影響，總體環境也影響海外併購行外之支付決策。當公司治理機制與股票市場越發達，越有可能驅使公司使用以股換股的支付決策，而完全以現金作為支付標準的可能性相對較低。

This paper investigates the relation between cross-border M&As and financing constraints over a sample of takeovers in nine East Asian countries, and it examines the impacts of financing constraints on two dimensions: the likelihood of cross-border M&As and the methods of payment choice. Empirically, this paper affirms that firms with financing constraints are less likely to undertake cross-border M&As. In the aspect of firm-specific characters, more cash holdings make firms have sufficient internal funds and external financing capacity. Thus, firms with higher cash holdings are more likely to finance cross-border M&As. Relatively, highly-leveraged corporations have less likelihood to engage in overseas M&As due to the constrained financing feasibility. In addition, the results prove that development of governance environment and stock markets facilitates the occurrence of cross-border M&As for firms.
According to the results of payment method, firms with higher level of cash reserve and leverage are less likely to finance foreign M&As with cash only. Furthermore, family corporations mostly have specific access to external funds and put more emphasis on the control power. Therefore, corporations owned by families have higher likelihood to pay cross-border M&As with cash entirely even if they are constrained by the high leverage. That is, the specific-firm characteristic of Asian corporations, family business indeed facilitates firms to solve the problem of financing constraints. In addition to firm conditions, firms in countries with well-developed governance mechanism and stock markets are more likely to conduct cross-border M&As with any proportion of equity payment.　

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