Our Country Listed Company M&a Performance Study Of Different Payment Methods

Mergers and acquisitions, as the behavior of an enterprise, is the way of enterprises in the conditions of market economy to achieve rapid expansion, and quickly occupied the main way of market share. Now, mergers and acquisitions has become an important theme in China’s capital market, even become an effective and important way in promoting the listed companies to become bigger and stronger, and achieving the function of optimal allocation of resources of capital markets. In the process of mergers and acquisitions, rational choice of payment is a key step in the successful implementation of M&A activity after determine the acquisition price, its significance is evident. It can be said, the payment is not only the last step of a transaction, but also a key link of enterprise merger and acquisition. Therefore, research the payment method of China’s listed companies has not only practical significance, but also is very necessary.The article first systematic review of the theoretical results of M&A performance impact on mergers and acquisitions at home and abroad payment, has been an analysis on the research status at home and abroad, and to define the concept of M&A and M&A Performance, and analysis of the different M&A purposes acquisitions, corporate managers will produce what kind of impact. Then from the point of view of theoretical and empirical analysis of a variety of payment methods on firm performance, select listed companies in mergers and acquisitions in China in2008as a research object, with the standard screening,517enterprises in accordance, statistics2007-2010four-years financial data of them, then use the financial indicators from the five aspects of corporate insolvency, operational capacity, profitability, shareholder profitability and development capacity to look at different types of payment methods impact on businesses, and use factor analysis to build the M&A performance score model. Finally, make relevant recommendations to the enterprise and the State based on the empirical results.