Research On The Choice Of M & A Payment Mode For Listed Companies In China

With the deepening of China's economic system reform and the continuous development of capital market,the M & A transaction of enterprises has become an important part of China's capital market.In recent years,China's economic reform of the macro-thinking mainly focused on the adjustment of GDP growth and economic growth mode adjustment,the state has also introduced policies to promote mergers and acquisitions,based on macroeconomic policy and the development of their own needs,China's listed companies M & To a new climax.M & A payment is the last part of M & A,the use of different M & A payment not only has a significant impact on the asset structure and financial position of both parties,but also directly determines the success or failure of M & A transactions.China's listed companies in the M & A transactions accounted for the vast majority of cash payments in the way of payment of innovation and diversity compared with the Western developed countries is very backward.Therefore,it is of great theoretical and practical significance to study the choice of M & A of listed companies in China.However,the research on the way of M & A payment is very weak,and the firm can not get relevant theoretical support when choosing the payment method in M & A.The main research direction of domestic scholars is the empirical research on M & A performance and M & A influence factors.In recent years,M & A last and most important part of the link has also been widespread concern.On the basis of literature review,this paper analyzes the influencing factors of M & A payment choice by M & A payment theory,including the factors such as control factors,financial condition,financing ability,laws and regulations and capital market environment.And then the cash payment,stock payment and mixed payment advantages and disadvantages were introduced and comparative analysis,the basic form of a set of M & A payment options selection system.This paper analyzes the relationship between the transaction size and the payment method of the listed companies from 2011 to 2015,and basically verifies the theoretical assumptions that the higher the transaction scale is,the lower the ratio of the cash payment ratio,and finds that the M & A payment of listed companies in our country exists The way of a single and lack of market and other issues.In this paper,the impact of the acquisition of Lexmark's acquisition of Lexmark International,as well as the choice of M & A,the choice of M & A,the change of control of major shareholders,the financial risk and the acquisition cost The paper analyzes the cost and advantages and disadvantages of Aipaike's choice of cash payment and stock payment respectively.It is found that the single cash payment and the stock payment are not suitable for this case.Through the financial analysis of the acquisition of Aipaike,Ai Pike because of the use of cash to pay into the operating difficulties.Therefore,this paper designs a set of mixed payment scheme which adopts the stock payment and recruits the matching funds at the same time.The scheme is paid at a lower cost than the original scheme,and it is more advantageous for the integration after the merger.For the listed companies' The choice provides a reference.Finally,some suggestions are put forward to improve the way of M & A payment of listed companies in China by the revelation obtained from this case.Through the research of this paper,the following conclusions are drawn:(1)There is a problem that the payment method of M & A of listed companies in our country is insufficient and the degree of marketization is insufficient.(2)The choice of M & A of listed companies in China is affected by many factors,The main influencing factors include changes in the control of major shareholders,financial factors and the cost of mergers and acquisitions.(3)At the level of strategic mergers and acquisitions,cash payment is not conducive to the integration of mergers and acquisitions,stock payment is conducive to improving the efficiency of mergers and acquisitions.(4)When a single cash payment method and stock payment method are not suitable for mergers and acquisitions,what kind of payment should be taken,the conclusion is to use the issue of shares at the same time to raise funds to meet the mixed payment method to take mixed payment of mergers and acquisitions,Mergers and acquisitions pay low cost,less risk,M & A efficiency is high.