Analysis Of Financing Mode About Cross-border M&A Of Listed Companies

With the development of "The Belt and Road" strategy in China,and the influence of America subprime mortgage crisis and the European sovereignty debt crisis,many foreigner high quality enterprises have deteriorated.At present,more and more listed companies in our country improve the enterprise value and market competitiveness through M&A of foreign high quality enterprises.While the choice of financing mode of M&A to a great extent affects whether cross-border M&A can be carried out smoothly.In view of the above research background,this thesis analyses the cross-border M&A financing mode of Chinese listed companies by combining the case of Xiwang Foodstuffs M&A Kerr.It can not only supplement the theoretical research on the cross-border M&A financing mode of the listed companies in China,having some theoretical significance,but also can provide experience for the listed companies of cross-border M&A in the future,which is of practical significance.Firstly,this thesis describes the related concepts and theoretical basis of cross-border M&A of listed companies.Secondly,it analyzes the financing modes of cross-border M&A of listed companies from three aspects,such as the type of financing mode,the status and characteristics of financing mode and the choice of financing mode.Then through studying the case of Xiwang Foodstuffs M&A Kerr,this thesis analyzes the reasons of cross-border M&A,influencing factors,financing mode and risks,and puts forward some suggestions to optimize the financing modes of cross-border M&A.Finally,the following conclusions are drawn:(1)summarizing the characteristics of cross-border M&A financing modes of listed companies: existence of internal financing preference,debt financing and equity financing playing an important role,and the use of LBO and private equity financing mode will becoming a trend;(2)Xiwang Foodstuffs M&A Kerr mainly out of the external motivation and internal motivation;(3)during the cross-border M&A,Xiwang Foodstuffs adopted the internal financing mode,the debt financing mode,the private equity financing mode,the common stock financing mode and the LBO financing mode.After the cross-border M&A of Xiwang Foodstuffs,the purpose of a series of capital operation is to reduce the asset liability rate,alleviate the repayment pressure of the enterprises and reduce the financial risk;(4)Xiwang Foodstuffs does not threaten the control of large shareholders after using the private equity financing mode and common stock financing mode.