Study On The Financing Decision Of Large M&A Of Listed Companies

With the steady development of the global economy,mergers and acquisitions has become an important means for enterprises to achieve rapid expansion.Listed companies play an important role in the capital market,and large M&A of listed companies often lead to the trend of the capital market.The most critical issue would be financing decision in large M&A of listed companies.However,the research of M&A financing theory in China is still in the primary stage.There are certain practical significances for the empirical analysis and case study on the financing decision of M&A which has been already successful implemented.This dissertation uses the relevant data to carry out an conduct an empirical analysis and analyze the financing decision status of large M&A of listed companies from a macro perspective.And this dissertation analyzes the financing of Apex for its acquisition of Lexmark which is a typical large M&A of listed companies.Firstly,this dissertation analyzes the concepts and theories related to M & A financing after an introduction to the background and significance of the study.Then,this dissertation makes an empirical analysis of the impact of M&A payment and M&A financing on the market performance of listed companies.Then this dissertation begins to analyze the case.The dissertation respectively analyzes the rationality of the M & A activity and its payment from the angle of merger motivation and enterprise value,then analyzes the whole financing process combined with the transaction structure.And the dissertation also analyzes the causes of financing scheme changes in the process that Apex buy out Lexmark.Finally,the dissertation summarizes the results of the study and comes up some suggestions for financing decision of lager M&A: full consideration of various factors before financing decision,good risk isolation,closely combination between financing scheme and transaction structure,taking the interests of all parties into consideration in the financing scheme design.