The Empirical Analysis Of The Impact On The Mode Of The Payment Of M&A That A Market-to-Book Ratios Have

With the development of China's economy gradually to a new stage,economic growth gradually slowed down,resource integration and industrial restructuring is facing a very pressing challenge.The company,as a Chinese economic cell,but also to achieve the integration of resources to optimize the upgrade,starting from the company,from the fine focus,continue to promote China's rapid economic development of the new normal economic background.In addition,mergers and acquisitions between companies are more frequent,according to land and resources mergers and acquisitions database statistics show that China's control market M&A activities from early 816 reach to 10168.It can be seen that the M&A activity of Chinese enterprises is developing on the market.From the historical experience of the development of western companies,the wave of M & A in the holding market of the Company has played an irreplaceable role in the adjustment of industrial structure,the improvement of resource allocation efficiency and the implementation of the company's development strategy.Although mergers and acquisitions can help the external growth and development of enterprises,but the merger itself is a high-risk economic activities,each will affect the business and business development of mergers and acquisitions after the successful decision-making affect the interests of shareholders and stakeholders,M & A decisions are very important and complex.This article will focus on the way the company mergers and acquisitions,research book value and demolition of two factors-pricing preferences and growth opportunities,whether the impact of corporate M & A decision-manufacturing.In the past,the book value of the book,book value(market value and book value ratio)as the growth of the growth opportunities,but this study is not accurate,in the book market information statistics on the issue of non-independent information,due to market value judgments Because of the ineffective market,which not only includes the factors of growth opportunities,but also the factors that include market pricing preferences,so in the past book value bias in the study of book value,Rhodes-Kropf et al.(2005).Growth opportunities,pricing bias,industry bias and other independent measurement information,in the field of research breakthrough.This article will use the research results of Rhodes Cotech et al.(2005),the way Chinese listed companies study M&A.Based on the theory of information asymmetry and the theory of enterprise growth,this paper provides a theoretical basis for the study of the factors affecting the payment of M&A companies such as book value,pricing error and growth opportunity.On this basis,7 444 M & A events from 2004 to 2016 were selected for empirical test,and logit multivariate regression analysis was conducted to study how the two dismantling factors affected the decision-making of M & A business payment methods.Group regression analysis of different sizes have different effects.Through the empirical test of this paper,it was found that under the framework of enterprise growth theory,the company will choose the stock and stock hybrid payment method according to the future growth opportunity,but this relationship is only under the framework of small-scale M asymmetric theory,rational M&A manager will use the market Estimated errors,through mergers and acquisitions,tend to inventory and stock mixed payment strategy,this empirical study of this effect was a major test.Through the study of this paper,we find that among the two dismantling factors of book value,the pricing factor is really affected by the way of M & A payment.In short,this paper discusses the impact of the wave of M & A of Chinese listed companies on the pricing bias and growth opportunities for M & A payments.This paper presents the method of dismantling the book value of listed companies to study the book value and purchase methods and payment methods.At the same time,the conclusions of this paper can formulate the acquisition strategy,regulatory policy and capital market investors to develop investment decision-making play a guiding role.