Research On The Optimization Of M & A Financing Mode

In 2006, a wave of mergers and acquisitions in China, following the reform of equity division to provide the resources to flow with the market, the new listing Corporation acquisition management approach promulgated, to the market of mergers and acquisitions has brought institutional change, a great age of mergers and acquisitions is kicked off in China.As the core of the enterprise capital operation, the enterprise merger and acquisition involves the transfer of a large number of assets, which is difficult for a single economic entity,organization or the government to complete.Therefore, different methods of financing, the size of the financing amount, the level of financing costs, the size of the risk of the uncertainty of the financing, and the financing channels of the smooth or not are to a considerable extent determines the validity of the merger and acquisition, and can even achieve the final success.In this paper, based on the research object of M & A financing,we analyze the optimization of enterprise merger and acquisition financing mode which specific to lehman photoelectric m&a Kang Shuo exhibition events.This paper expounds the basic theory of M & A financing, the influence factors and so on, and summarizes the general M & A financing mode selection order, namely, the first internal financing, the second debt financing, the last equity financing.But at present Chinese enterprises in M & A financing, contrary to the traditional financing order, the choice of the order of their way of equity financing preference, this is mainly because Chinese companies big shareholders obvious interests to consider.Then take Lehman photoelectric acquisition of Kang Shuo exhibition as a case, this paper introduces the main process and details of the merger and acquisition.On photoelectric lehman m&a financing cost analysis and risk analysis, discovered the case of m&a financing cost is higher, and there is risk of debt financing and equity financing.This paper mainly based on market value maximization and cost minimization principle of the optimal way of financing, put forward the related cost optimization and risk control methods, think in mergers and acquisitions of enterprises shall be according to the market situation, choose low-cost financing is given priority to, integrated a variety of financing for m&a financing, at the same time, through the formulation reasonable debt repayment plan, determine the appropriate capital structure ratio and increasing the service efficiency of funds to guard against all kinds of financing risk. Finally, inspired from the case of m&a financing, enterprises should actively explore new m&a financing channels, perfecting the corporate governance structure and market exit mechanism, establish and improve the acquisition finance related laws and regulations and policy system and strengthen intermediary institutions, such as to optimize enterprise m&a financing.