Research On The Internal Factors Affecting The M&A Payment Methods Of State-owned Listed Companies

Strengthening the structural refonm of the supply front,especially promoting state-owned enterprises' transformation and upgrading of industry,has become an important task of national "the 13th Five-Year Plan".In recent years,in some state-owned listed companies,there are problems such as irrational industrial structure and inefficient capital allocation.To achieve a diversified strategy to promote the further development of listed companies,the state-owned listed companies merger and acquisition(M&A)the same controller of the companies has become a common practice of state-owned enterprises' reform.In M&A activity,the choice of payment method plays a very important role in the successful completion of M&A and the maintenance of the interests of M&A stakeholders.On the basis of previous scholars' study,to Lujiazui Co.,Ltd,Valin Iron&Steel Co.,Ltd and*ST Jinrui three state-owned listed companies to M&A the same controller of the company as a case,through the single case study and the comparative analysis of many cases,the paper studies the internal influencing factors of M&A payment method of state-owned listed companies.There are four aspects of internal influencing factors:?the M&A company ' s corporate strategy;?the M&A company' s financial situation;?shareholders control of M&A company;?the company size of both M&A and merged companies and relative transaction size.The study concluded that the choice of cash payment should be based on the good financial condition of M&A company and the smaller relative transaction size;Selection of assets and stock mixed payment should focus on whether from the original main business,financial status and relative transactionsize;*ST companies in the choice of stock payment,have to consider the above four kinds of internal influencing factors.In the background of the current reform of state-owned enterprises,the state-owned listed companies should take full account of a variety of internal factors,choose a more appropriate payment method of M&A to promote the successful completion of M&A transactions.