Research On The Impact Of Different Payment Methods On M&A Performance

With the development of China's economy entering the new normal,the pressure of economic slowdown and unreasonable industrial structure is increasing.At the same time,China's capital market is developing rapidly and merger and acquisition activity is becoming more and more active.Aiming at the upgrading and adjustment of industrial structure,the manufacturing enterprises began to use the capital operation mode of merger and acquisition to realize rapid adjustment and transformation.Therefore,whether m&a can improve enterprise performance and the influence factors of m&a performance has become a research hotspot.As the key link in the merger and acquisition activity,the m&a payment method is gradually enriched with the activity of the m&a market.Therefore,the choice of payment method in m&a practice is of particular importance to the subsequent m&a performance level.This paper will explore the performance of manufacturing enterprises before and after the completion of m&a from the perspective of m&a payment.To between 2009 and 2013,the Shanghai and shenzhen two major m&a cases in the city of manufacturing enterprises as samples,using the 2008-2016 financial and non-financial data,using statistical analysis,factor analysis,mean analysis and multivariate linear regression analysis,compares the cash payment,payment and mixed payment conditions,the size of the m&a performance.Except payment in order to further analysis of influencing factors,the author also selection on the basis of theoretical analysis of the nature of the equity,industry concentration degree,enterprise scale,the nature of trading,industry association,and executive pay these six control variables,into the regression equation,to explore its correlation with the performance of m&a.The results show that:(1)m&a has not significantly improved the overall performance of manufacturing enterprises;(2)the effect of share payment and mixed payment is obviously better than cash payment.(3)the ownership concentration of the main acquirer before the merger is not significant to the m&a performance.(4)the m&a performance of state-owned enterprises is inferior to that of non-state-owned enterprises.(5)appropriately raising management compensation can help improve corporate performance.(6)the performance of non-affiliated m&a is better than that of related mergers and acquisitions.(7)large scale enterprises have highlighted the scale effect for a long time after the merger and acquisition.(8)the correlation between the main acquirer and the target enterprise has no obvious influence on the m&a performance.Finally,based on the results of normative research and empirical research,this paper gives the conclusion.This paper puts forward some Suggestions on the m&a activity of manufacturing enterprises in China's capital market from the perspective of government and enterprises.