Innovative Research On Overseas M&A Financing Model Of Listed Companies In China

Since the 1990s,the rapid growth of China's capital market has provided a powerful impetus for the development of the national economy,at the same time,with the rapid development of our economy and capital market,some companies have quickened the pace of'going out",In particular,the world financial crisis in 2008 provides opportunities for Chinese enterprises.Mergers and acquisitions are the market behaviors that can improve the industrial structure,optimize the integration of resources,promote the development of enterprises and effectively enhance the competitiveness of enterprises.Merger and acquisition financing is an important means for enterprises to provide financial support for enterprises in the merger and acquisition.It is the key link to determine the success or failure of M&A.Flexible M&A financing arrangements can not only greatly reduce the financial pressure of enterprises,but also optimize the capital structure of enterprises and consolidate the control of enterprises.After 2000,China's overseas investment,taking overseas M&A as its main form,has gained rapid growth,which is the main way for Chinese enterprises to participate in international operation in the world.In this context,overseas mergers and acquisitions are becoming familiar and popular among enterprises.Academic research on overseas mergers and acquisitions is also gradually increasing.Under the current financing environment and the policy system.how to M&A financing tools and M&A financing channels for innovation,for enterprises to carry out overseas mergers and acquisitions to provide more convenient,more efficient financial support has become an urgent need to solve the problem.This paper takes the overseas M&A financing behavior of listed companies in China as the research sample.On the basis of studying the overseas financing mode of listed companies in China,this paper analyzes the main problems existing in overseas M&A financing mode.The influence of different financing methods on overseas M&A performance of listed companies is studied.The results show that the use of debt financing by listed companies will significantly reduce the M&A performance,while the adoption of equity financing will significantly improve the M&A performance of the company.At the same time,it also compares the cost of financing options for listed companies' overseas M&A,The results showed that the cost of equity financing is lower than mixed financing costs represented by convertible bonds,and give priority to with corporate bonds creditor's rights financing costs are significantly higher than the previous two kinds of the cost of financing mode.The research shows that it is a beneficial attempt to develop convertible bonds and convertible bonds in the innovation of overseas M&A financing instruments of listed companies.In overseas M&A financing channels of innovation,the acquirer if effective use of foreign funds,more use of foreign funds pay the purchase price,will effectively broaden overseas M&A financing channels.In addition,strategic investors represented by private equity funds are also important sources of funds for listed companies' overseas mergers and acquisitions.It is a better choice for listed companies to make leveraged buyouts.It has greatly enriched the source channel of merger and acquisition funds and greatly reduced the financial pressure of listed companies in the process of overseas M&A.