An Empirical Study On The Preference Of M&A Financing Of Listed Companies In My Country

In the reform of state-owned enterprises,promote the enterprise merger and reorganization under the action of policy stimulus.Presently,Chinese enterprise merger and acquisition activity and transaction scale constantly refresh record.Companies can quickly expand production scale,obtain competition advantage,by mergers and acquisitions.Mergers and acquisitions is strategy of development.Enterprise mergers and acquisitions can't depart from the support of capital.Optimal financing arrangements not only can raise sufficient funds,at the same time to reduce the financing cost and the financial burden of enterprise,provide powerful guarantee for enterprise mergers and acquisitions effectively.Most scholars believe that our country there exists a unique governance structure of listed company,and it makes our listed companies has strong equity financing preference.It obviously goes against the pecking order theory.Whether the financing ways of listed companies consistent with the pecking order theory?If it consistent with the pecking order theory,why the governance structure appear this kind of problem under the same system and the same background.So this article focuses on mergers and acquisitions of listed companies financing preference.This paper selected A-share listed companies in M&A activities from 2013 to 2015 years as research samples,a total of 501 samples.The paper selected 11 explanatory variables to factor analysis.Finally according to the result of factor analysis,using the Multinomial Logit model for regression analysis.The found shows that debt-paying ability have had significant impact on financing way;compared with the internal financing and equity financing,the stronger the profitability of the company,the more inclined to internal financing;the company's growth ability of financing was not significant;the scale of the M&A have had significant impact on financing way;the amount of liquidity have had significant impact on financing way.Finally,according to the results of regression analysis,and puts forward related suggestions that broaden the M&A financing channels,allowed variable capital into the capital markets,improve the relevant securities laws and regulations,intensify the construction of the bond market,make rational commercial loans rules of M&A,set up management department of M&A.