M & Payment Policy Research

The payment manner of M&A as one of the enterprise M&A's transaction form is not only the last step of M&A transaction, but also the key link upon which the M&A succeeds or not depends. Whether the payment tool adopted is appropriate, not only relates M&A strategy to realize, but also shows the different values of M&A information, and even determines the final result of M&A transactions.The essay begins with the general theories of the payment manner, analyzes on the cash payment, the share payment and the option payment from the financial aspects in the cost, revenue and risk etc, clears out the advantages and disadvantages of the single payment, compares the adaptation scope in each payment. And then, to make up for the lack of the single payment, the thesis uses the multi-goals analysis methods, establishes the mixed payment decision making model by choosing the net income, the capital cost, the debt risk as the appraisal target, discussing how to choose the best mixed payment.Finally, the paper takes the mixed payment decision making model to apply in the case, further clears out the operation process and the conclusion of the mixed payment decision through the case analysis, and confirms the correctness of the conclusion.