Research On Financing Strategy Of Merger & Acquisition Of Enterprise

"Merger & Acquisition" is a behavior of enterprise, and an important measure of development. Enterprises primarily bring stratagem of "M&A" to be capable of survival and development in market competition, to search for range practice and reach synergia, to reduce transaction costs and try for diversified operation. Financing of "M&A" is an important tache in the business. It has broken through the lay of development strategy and rose to the level of development stratagem in the enterprise. In the activity of "M&A", many forms can be used in the enterprise, if a suitable means of financing based on itself is selected, it will get twice the result with half the effort; if improperly selected, it will be likely to bring heavy debt burden to the enterprise, and even affect the normol operation. Therefore, choosing a suitable means of financing and making scientific financing strategy are deserved to pay great attention for enterprise.The text mainly starts from the background of financing in "M&A", then bring forwad the importance and research on the status around the world. It goes from describing the definitions of financing to analysis of financing routeway and means, then makes the relativity analysis of factors about financing cost, financing preference and investment aspiration based on the financing structure, and also making empirical research of factors affected performance of "M&A" based on change of back and forth. The text mainly aims at financing strategy, and the part 3, 4, 5 are focused introduced. It partly introduces financing means, and explains the financing preference based on capital structure and financing structure, then educe the conclusion that lower cost can stimulate investment aspiration, and financing preference is positive correlativity to investment aspiration; Then It analyses the relativity between financing structure and cost and investment aspiration and performance, then makes the regression analysis of influence degree about the movement of "M&A", and obtains the conclusion that financing risk is increasing and the performance is not good for the increase of financing cost at the current year, then investment aspiration falls as the pressure of bad performance. However, the performance will be better when diffenence and conflict are solved by management and conformity after one year, or else, the permance will be much worse. Finally, financing strategy are deeply analysed based on the case of "Lenovo company merger PC operation of IBM", and then correlative conclusion and advice are put forward.