An Research On The Influence Factors Of The Proportion Of Cash And Stock In The Mixed Payment

M&A payment is the key part of M&A activity, has a direct impact in the success or failure of the M&A, and becomes more and more important to enterprise. M&A payment is related to the choice of all aspects of the M&A both sides enterprise such as ownership structure, financial leverage, level of stock price and operation ability and growth opportunities. With the increasingly deepening of the reform of capital market, the cash payment is no longer the only way in China, M&A payment is becoming more and more diversified. Parts of domestic scholars only research cash payment, some studies simply are divided into cash payment and stock payment, and almost no one studied mixed payment. Due to the current situation that cash, stock and mixed payment is equal important, this paper studies about influence factors of the proportion of cash and stock in mixed payment, it is also the creative point in the paper. The environment of macroeconomic affects the choice of M&A payment. Previous studies only care about micro influencing factors. This paper tries to introduce macro influencing factors in the research. It hopes to be a more comprehensive and reasonable explanation to influence factors of M&A payment, and has certain reference value when the enterprise faces to choose reasonable payment. In this paper, the study mainly is divided into two parts, the normative research and empirical research.In the normative research, it is concluded that first, M&A activity of listed companies in our country keep rapid growth year by year; second, giant size in the past two years, exploded in number and scale, the number of large and medium-sized gradually risen, although small size risen slightly, but the proportion of small size fallen, third, although in the past five years, cash payment still accounts for most of proportion, the trend of it declines year by year, the proportion of stock payment increase gradually, mixed payment grow very fast in 2014 and 2015; Look from the proportion of cash and stock, stock-based payment increases year by year.In the empirical research, it is concluded that the proportion of acquirers’company direct control shareholding, stock level and the loan interest rate are significantly negative correlation with stock proportion in the mixed payment. Growth opportunities of acquirers, relative size and financial leverage are significantly positive correlation with stock proportion in the mixed payment. Acquirers’ Cash holding ratio is significantly positive correlation with cash proportion in the mixed payment. If both the M&A sides are associated, it will pay a higher percentage stock in the mixed payment. If both the M&A sides are associated, it will pay higher percentage stock in the mixed payment. If acquirers are state-owned firm, it will pay higher percentage cash in the mixed payment. In addition to the above factors, in this paper, the study found that the profitability of acquirers, national economy and the stock market are not relative with mixed payment.Finally, according to the present situation of M&A in our country, this paper argues that it should be improved from three ways to make listed companies have more choice in M&A payment.