| With the increasing popularity of domestic M&A market, more and more enterprises begin to choose the fast channel of that to acquire resources and expand overseas market. In M&A, the selection of payment methods often determines whether the activity can be successfully completed for the final goal. Meanwhile, it can also affect the financial situation of the M&A enterprise, as well as the implementation of future development strategy. Therefore, choosing an appropriate method of payment in M&A has become an increasingly important issue.In 2014, the acquisition of Lenovo Group's to Motorola's mobile business from Google Group had used a special combination of mixed payment. A three-year noninterest-bearing bill payment was included as one of the reason of eye-catching. The determination of mixed payment method is a result of negotiations between Lenovo Group and Google Inc. Research on both sides' motivations will be contribute to find the reason of this special payment chosen.This paper applies a method combination of literature research and case analysis. Firstly, uses the literature research method to summarize the domestic and foreign scholars' perspective about M&A payment method for analyzing the scope of application and the pros and cons of each payment method, and summarizes general influencing factors of the choice of payment method. Then selects typical case of Lenovo Group's M&A for deep analysis, combining the motivations and the payment choice to summarize the influence of the mixed payment method to the enterprise M&A and get some successful experiences.The inspiration is: enterprises, especially the listed corporations of expanding market, the choice of payment methods should give fully consideration of future strategic plan of development, seize the appropriate opportunity, use the combination of multiple payments will be benefit for successful M&A. The research results of this paper have a certain practice guidance for the domestic enterprises to expand the M&A. |
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