The Study On The Choice Of M&A Payment Method Of Enterprises In The New Third Board

With the development of the new third board, the merger and acquisition is more and more common, but the research on it is not enough. The mode of payment is related to the performance, the development and even the success or failure of the whole M & A. The merger and acquisition of the new third board encounters some problems, such as the payment way is too single and the enterprises choose the payment short-sighted, etc. In summary, the research on the choice of M&A of the new third board has very important practical significance.This paper mainly studies the domestic and foreign theory of M & A motivation and payment method, and the paper analyses the case of Dodoca deeply, establishing an analysing framework. This paper starts from the motivation of Dodoca, comprehensively analyses the policy, market liquidity, tax factors, industry and other external factors and the financial status of the company, the ownership structure,etc. Then considering the cost of the different means of payment, concluding that the choice of payment method is reasonable and have certain reference significance.Through the case analysis, this paper draws the conclusion that when the enterprise on the new third board is for strategic cooperative purpose, the scale is large and has a deep sense of market, the equity payment is more suitable. And when enterprise is in the consideration of the cost of different methods of payment, the recessive cost should be considered deeply. Finally, according to the above analysis, this paper puts forward the policy recommendations to promote the diversification of payment methods in the new third board market.