Research On The Influence Of Finance Constraint On M&A Payment Method And M&A Performance

Mergers and acquisitions have become one of the main means for companies to quickly become bigger and stronger.Companies are increasingly inclined to use mergers and acquisitions to achieve scale expansion and benefit growth.In the new wave of mergers and acquisitions,Chinese enterprises will play a pivotal role as active and active M&A parties.Economic development,industry transformation,and mergers and acquisitions will all be the first choices.The appropriate choice of payment methods for mergers and acquisitions will help reduce transaction costs,increase the efficiency of mergers and acquisitions,and increase the economic efficiency of companies after mergers and acquisitions.M & A financial performance is an important indicator to test the success of mergers and acquisitions.Scholars study the financial performance of mergers and acquisitions and its influencing factors,but most of them do not consider the impact of financing constraints.Due to the incomplete nature of the capital market,the financing constraints will inevitably exist.Therefore,the financing constraints will be added to the research mergers and acquisitions.In the framework of payment methods and financial performance of mergers and acquisitions,it can enrich existing theoretical research and provide guidance for mergers and acquisitions.This article has different perspectives from previous scholars' research.It selects a new type of industry—cultural and creative industries.It uses mergers and acquisitions and reorganization events in the 2013-2016 culture and creative industries as research samples,and uses logistic regression and multiple regression methods to define financing constraints.The relationship among indicators,research financing constraints,M&A payment methods,and financial performance of mergers and acquisitions has enriched existing empirical research results and provided practical guidance for Chinese cultural and creative enterprise M&A.The main innovations of this paper are as follows:(1)The research sample has a novel perspective.Taking a new and popular cultural and creative industry as the starting point,this study examines the links between the industry's financing constraints,M&A payment methods and M&A financial performance.(2)This paper breaks the traditional method of univariate indicators to measure the level of financing constraints,selects multi-variable indicators,and uses a logistic regression model with five indicators:,asset-liability ratio,net asset interest rate,share-payment rate,and Tobin Q,Cash flow.Calculate the financial constraint index.