Research On The Impact Of Payment On Mergers And Acquisitions Performance From The Perspective Of Enterprise Life Cycle

As an important economic means to expand the scale and enhance the competitiveness of enterprises,mergers and acquisitions has been a hot issue in the capital market and academia.With the advent of the new norm of our country's economy,the upgrading of traditional industries and the background of economic restructuring accelerate the pace of merger and reorganization.The merger market of China has seen explosive growth,the number of transactions and transaction scale record highs.As a very important part of mergers and acquisitions,the method of payment choice plays a very important role in the performance of mergers and acquisitions,state regulators also proposed payment innovation mode requirements in the policy mergers and acquisitions of direction.Therefore,how to respond to the call of the government,choose the best payment method in the merger and acquisition and get good performance in the acquisition,it is particularly important.This paper first reviews the literature of the impact of payment methods on the performance of mergers and acquisitions and the impact of enterprise life cycle on mergers and acquisitions performance.Summarizes the asymmetric information theory,signal transmission theory,risk sharing theory,control theory and life cycle theory on the theoretical foundation of this study;secondly,we use the basic theory to analyze the mechanism of payment methods and different life cycle payment impact the mergers and acquisitions performance;then,we selected 684 events in Shanghai and Shenzhen A shares of Listed Companies in 2009-2012 as the research sample,studied the influence of payment on the mergers and acquisitions performance based on the perspective of enterprise life cycle.This article uses the factor analysis to measure the performance of mergers and acquisitions,we use paired sample T test and multiple regression analysis to test the impact of payment and enterprise life cycle on the performance of mergers and acquisitions.The results show that:(1)payment of mergers and acquisitions are single,cash payment is dominant;(2)The Listed Companies in China has a poor performance of mergers and acquisitions,mergers and acquisitions activity did not significantly improve corporate performance;(3)payment on the performance of mergers and acquisitions produce short-term effects,compared to the stock payment,cash payment in the short term is not conducive to the improvement of enterprise performance;(4)The impact of payment on mergers and acquisitions performance has a life cycle heterogeneity.According to the research conclusions,this paper puts forward the relevant policy recommendations from the perspective of the government and the enterprise,in order to regulate the behavior of mergers and acquisitions,improve the performance of mergers and acquisitions.On the basis of existing research,we introduce the enterprise life cycle theory,provide a new perspective for the study of the payment influence on the performance of mergers and acquisitions methods,to provide new ideas for the future research of academic scholars,also hope that through this study to provide government supervision departments and the implementation of mergers and acquisitions of enterprises.