An Empirical Study On The Performance Of Different Payment

Refer to the entire circulation of stock market and the implement of recently revised Corporate Law,Securities Law and Administrative rules on acquisition of listed company,the merger and acquisition market becomes more and more active, The payment methods appear a diversity and innovation climax,So the stduy on different payment methods performance of M&A has a great practical significance. This thesis reviews the research of payment methods performance at home and abroad, classifies and defines various payment methods of M&A,analyses the present situation of our country,then does empirical test on the merger performance of various payment methods in M&A of listed companies in China.As the importance of machinery equipment and instrument industries to the national economy and the development trend,This thesis chooses the merger activities of this industry between the period 2006.9.1 and 2007.12.31 as swatches,applying the event study method(the CAPM Model and the Unchanged Returns Model) and the Accounting study method does empirical analysis on different payment method performance in M&A.The conclusions are:(1)The change of stock price could response the merger's value variation,The event study method is suitable for our country's research of short term effect in M&A.(2)Different payment methods bring out different reaction to stock market,which cash payment-method generates the maximum abnormal returns,the second is the mix payment-method,the following are debt-taken payment method,stock payment-method,the worst is Asset payment-method.(3)The correlation of transaction and merger category effect the short term performance of M&A.The related transaction is better than unrelated transaction,the asset trades is superior to the stock transaction.(4)It is really hard to infer whether the merger's performance improves substantially according to the changing rate of some accounting index.Fianlly,on the basis of empirical results,the thesis put forward some suggestions for the machinery equipment and instrument industries M&A,mainly in how to select payment-methods properly in M&A,the key suceesful factor to M&A and so on.