The Financing Mode Research On Apex Technology Company's Overseas M&A Of Lexmark

Under the environment of global economic integration,the overseas M&A market of Chinese enterprises keeps warming up,and the scale of M&A transactions is becoming larger and larger.However,Chinese enterprises are still limited by the shackles of a single financing mode on the way to the international market,which has destroyed the enthusiasm of many domestic enterprises to March overseas.How to finance has become one of the main difficulties faced by Chinese enterprises in the process of overseas M&A,especially private enterprises.Therefore,it is of great significance to study the innovation of financing mode for accelerating the internationalization process of private enterprises in China.Drawing lessons from the previous research results of M&A financing,based on relevant theories,comparative analysis of the company,This paper takes the case of Zhuhai Apex Technology Co.,Ltd.(stock code:002180.SZ,abbreviated as "Apex")merging Lexmark International Company(stock code:LXK,abbreviated as "Lexmark")as the research material,in order to describe the differences between the financing mode adopted by the company and the traditional financing mode in overseas M&A,expound the role and advantages of the financing mode in overseas M&A,analyze the risks and effects faced by the financing mode.And then,relevant research suggestions are put forward.Through the case study of the overseas M&A of Lexmark,the author thinks that the innovative financing mode of "Internal capital market financing-Strategic Alliance financing-Financial innovation financing"is influenced by the maturity of the domestic capital market,the scale of the enterprise,the obstruction of traditional external financing and other factors.However,the innovative financing mode of "Internal capital market financing-Strategic Alliance financing-Financial innovation financing" adopted by Apex accompany a lot of risks.The financing of internal capital market with high debt financing leads to the expansion of debt leverage,the decrease of solvency,the reduction of refinancing ability,and the increase of financial risk of subsequent integration;Differently dissociated methods of strategic alliance will produce varying degrees of risk,lightly increase the debt ratio of Apex and financing costs,and heavily lead to the loss of Lexmark's control.The innovative financing mode of "Internal capital market financing-Strategic Alliance financing-financial innovation financing" adopted by Apex has produced a variety of effects and important advantages.The financing mode of internal capital market fundamentally alleviates the financing constraints of enterprises,provides stable financial support for M&A projects,and reduces the information cost of external financing because of the unique financing information advantages of internal capital market;The introduction of private equity funds in strategic alliance financing,in addition to raising the funds needed for M&A,and it also helps to prevent the institutional risks caused by the differences of political,cultural and economic systems between the two sides of M&A,and integrates multi-faceted alliance resources in the process of selecting target enterprises,formulating M&A strategies,and integrating M&A;Exchangeable bonds are not only raise a large amount of money at lower interest rates to effectively meet the financing needs of the company,but also play a stabilizing the stock expectations of the company,reduce market risks,promoting the sustainable development of the company.Through the study,the Enlightenments of this paper are as follows:(1)Enterprises should consider many factors to formulate M&A financing model;(2)Innovating M&A financing tools and opening up M&A financing channels;(3)Strengthening the role of intermediaries and institutional investors in overseas M&A;(4)Focusing on preventing all kinds of risks in the M&A financing innovation.