The Research On The Design And Choice Of Methods Of Payment Of The Listed Companies’ M&A In China

Merger and acquisition is the enterprise under the market economy activity，is theeffective way for the enterprise to grows up，integration of resources and achieve competitiveadvantage. Over the past one hundred years from the end of nineteenth Century to the1990s, the United States of America enterprises experienced five waves of mergers and acquisitionsand with great development of economic each time. More than30years of reform andopening up, China’s economy has achieved rapid development, all walks of life have emergedin a number of leading enterprises, and made a great contribution for the development of thenational economy. With China’s accession to the WTO, The market is gradually opening up toincreasing competition, business survival under increasing pressure. In order to adapt to thenew competitive situation, China’s listed companies have also begun to seek developmentthrough mergers and acquisitions. In recent years, China’s M&a market shows the trend ofrapid development, every year a large number of listed companies through mergers andacquisitions to expand. At the same time, Development of the capital market also providesfinancing support for mergers and acquisitions.The payment is an important step to complete the merger and acquisition transactions. Because of China’s M&A development history is not long, there are little experience forListed companies to Learn in M&A transactions. China’s theoretical research is relativelybackward and unable to practice effective and sufficient guidance. This article is producedbased on the practice of listed company needs the theoretical guidance, and our paymenttheory and immature status. This paper analyzes the payment situation and existing problemsof listed company mergers and acquisitions. The paper also draws on the domestic and foreignliterature research. This paper consists of five parts. Part I is an introduction, first clear thebackground, purpose and significance of the research, analysis on mergers and acquisitions athome and abroad to pay for research, submitted on the basis of what this article should focusof research and innovation, and describes the research of ideas and methods. Part II analysisof listed company acquisition method of payment from the theoretical point of meaning,classification and characteristics, and then clear the goal Listed company should pursuit in theM&A transactions. The third part study on the design of the methods of payment in M&A transactions for Listed companies. On how to design a cash payment and stock paymentscarried out a detailed study, respectively. The fourth section describes the concept andclassification of collar, and study ways of creating value and design principle of collar. Part vusing the Logistic regression model study the main factors affecting the acquisition paymentmethod selected from an empirical perspective. The results proved that the capital structure,cash holdings, profitability, size of transactions, information asymmetry is the significantfactors affecting methods of payment select for listed companies M&A in China. The last partof the paper gives advises.