An academic lecture entitled Corporate Cash Holdings and Acquisitions was given by Associate Professor Liu Yixin, Director of Financial Policy Center of Business School of New Hampshire University.
The lecture centered on Liu Yixin’sCorporate Cash Holdings and Acquisitions which was awarded as the Best Paper at the ACGEBF2015 International Conference. The paper discussed the reason and the payment choices of mergers and acquisitions and the motivation of company’s retained cash. Liu started from the phenomenon of the huge amount of company’s retained cash and the Harford’s research conclusion thathuge amount of company’s retained cash is more likely to result in merger and acquisition, by analyzing on the change of shareholder's rights and interests in the process of merger and acquisition by capital pricing model and researching on the 2590 American merger and acquisition trade cases from the 1985 to 2013, she drew her conclusion that huge amount of company’s retained cash doesn’t affect merger and acquisition when paying by cash, just the interests of merger and acquisition when it is paid by stock.
After the lecture, teachers and students from Business School involved in an interactive communication and had further academic discussion with Professor Liu on the practicability of stock pricing model, financing constraint mechanism and the influencing factors of the company's cash stock levels and so on.
Hosted by Li Laier, Associate Dean of Business School, the lecture was an academic feast attracted all professional teachers and some students from high grades of Business School.