Research On M & A Payment-Methods Selecting Of Listed Companies In China

M&A transaction is a professional economic behavior in various spheres of knowledge,while in the merger process,the payment is an important part of mergers and acquisitions,which relate to the success or failure of M& A transactions.In M&A transactions,many researchers focus on the performance,and Ignore the payment of the last link, and the selection of M& A payment method is not very deep.In the present stage, M&A payment methods of listed companies is a single way and the pace of development is very slow,and which can not meet the needs of developing.After the shareholder structure reform,stock is free exchange now.Our M&A payment methods has been largely improved.However, in comparison with western countries,there is a big gap between degree of financial instruments innovation and diversification of M&A payment methods.This paper analyzes the development stage of listed company payment, and points out the payment problem in the selection process,and analyzes the causes of these problems, which mainly due to our long-term share-trading,the slow development of capital market and intermediaries imperfect.On this basis,the paper analyzes costs and risks of cash payment and stock payment.And on the basis of the L-G model, the paper builds scale models convertible acquisition,when the acquired company over the same time,and provides a scientific and reasonable method to determine exchange ratio.Article analyzes the factors that affect the choice of payment method,and proposes the options strategy of payment.Finally, in order to verify the model's applicability,as GangFan corporation convertible Acquired ST company and FanYu company a case study,this paper analyzes the process and reason of M&A payment choice,and the reasonableness of exchanging ratio determined.The article puts forward policy advice for payment of listed companies in China.