Research On The Impact Of M&A Payment On Corporate Performance Based On Financing Constrains

In recent years,corporate M&A activities have become more and more active.As one of the basic methods to optimize resource allocation,M&A has become an important way for Chinese enterprises to expand their business scope and enhance corporate value.M&A payments are a crucial step in M&A transactions.Choosing a reasonable payment method can often lead to M&A transactions and bring value growth to the company in the later stage.In the process of M&A payment,the financing constraints faced by enterprises are not negligible.In the existing literature,the research on the impact of payment methods on M&A performance has been very rich,but there are not many researches on the impact of payment methods on the performance of the main company and the company's performance.The depth and breadth of the research are not enough.This paper first introduces the related concepts in detail,then reviews the existing literature and expounds the relevant theoretical basis.Based on this,three research hypotheses are proposed.Finally,taking the 678 M&A events completed by China's listed companies in 2012-2014 as the research object,the Logit model is used to construct the comprehensive index to measure the financing constraints,and then the accounting research method and the multiple linear regression model are used for empirical analysis.Through the empirical research,the following three main conclusions are drawn:(1)The main company with financing constraints is more inclined to choose the stock payment method.(2)When the main company uses stock payment,it can bring higher financial performance than using cash.(3)A group study based on financing constraints found that companies with financing constraints choose stock payment in M&A activities to bring better M&A performance to the main and enterprises.Based on the existing research results,this paper has some innovations in the following two aspects:(1)Selecting the impact of M&A payment methods on M&A performance based on financing constraints,the entry point is relatively new.(2)When measuring the degree of financing constraints,the Logit regression model is used to construct a comprehensive financing constraint index,which reduces the error that may be caused by using a single indicator.