Research On The Effect Of M&A Payment Methods On M&A Performance From The Perspective Of Corporate Life Cycle

M&A transactions are a popular way to integrate corporate resources in the current capital market,improve the status quo of business operations,and achieve corporate strategic objectives.When an M&A transaction takes place in an enterprise,various factors should be considered comprehensively to achieve relatively better M&A performance.The content of this study is the influence of the payment methods of manufacturing listed companies on the performance of M&A of the main parallel companies.The article is based on the research of different characteristics of the main parallel companies during different life cycle stages.This paper selected the M&A transactions of Chinese manufacturing listed companies from 2010 to 2013 as samples to conduct research.Since the study of M&A performance in this paper requires data from one year before the M&A transaction to three years after the M&A transaction,the sample data actually covers the period from 2009 to 2016.Through the processing of sample data,378 M&A transaction samples of listed companies in the manufacturing industry were obtained.This paper uses SPSS as a factor analysis to calculate the comprehensive performance scores of financial indicators as a comprehensive financial indicator to measure the performance of the main corporate mergers and acquisitions;then use SPSS to do descriptive statistics,paired sample T test,and use STATA to do multiple regression analysis.An empirical study of M&A performance over the years;Finally,using Tobin's Q value as an alternative variable for company performance in each year,controlling other variables to remain unchanged,and conducting robustness tests on the results of empirical analysis to ensure the reliability of empirical research results.The conclusions of this paper are as follows:First,from the overall analysis,there are differences in the effect of different payment methods on M&A performance when manufacturing listed companies conduct M&A transactions.Second,M&A transactions happening in manufacturing companies listed in the short-term There is no obvious improvement in the M&A performance of the main parallel companies.Third,the effect of the M&A payment methods of the listed companies on M&A performance is related to the life cycle stage in which the main parallel companies are located.Based on the empirical results and research conclusions,this paper presents suggestions from the perspective of the government and the company.The government-level recommendations are as follows:Establishing sound laws and regulations related to M&A transactions;Encouraging companies to boldly try diversified M&A payment methods;Relaxing stock approval systems,reducing government intervention,and exerting market regulation;Corporate-level recommendations are as follows:Breakthroughs Traditional cash payment methods,the rational use of stock payment methods;emphasis on mergers and acquisitions after the completion of the integration of the target company's resources to promote the development of corporate strategic objectives;combined with the life cycle of the company's life cycle,a reasonable choice of mergers and acquisitions payment methods.At the end of the article,it summarizes the deficiencies in the paper and some prospects for subsequent research.