Capital Market Mispricing,financing Constraints And The Choice Of Merger And Acquisition Methods:based On The Empirical Study Of Listed Technology-intensive Enterprises

The characteristics of the nowadays m&a market in China is the expansion of the mergers and acquisitions,the expansion of financing amount and the diversification of payment,especially in technology-intensive company represented by the high-tech market,which have begun to attract investment through the use of the domestic and international capital markets,and various financing channels and ways.However,it can still be seen that there are problems such as asymmetric information,single financing channels and insufficient funds restricting the development of technology-intensive enterprises in China towards a good trend.This paper chooses the financing constraint index variable,the error pricing factor variable and the empirical analysis of the payment consideration method variables in M&A activities.At the same time,it puts forward three hypotheses based on the perspective of information asymmetry theory and behavioral finance theory,and uses logistic regression to study China’s high and new technology.In the market,technology-intensive enterprises face dififerent financing constraints in M&A activities,and the stock price overestimates or underestimates the impact on M&A activities of technology-intensive enterprises.The results show that the share price is overvalued,technology-intensive listed companies tend to take stock and mixed mode of payment.at the same time,mispricing has a significantly more positive effect on the share payment of m&a companies with high financing constraints than low financing constraints.And then,in the case of the different financial constraints,the results show that the wrong pricing is the most significant way to make the difference between medium and medium to high degree of financing constraints of technology-intensive companies.Therefore,technology-intensive enterprises should reasonably choose the payment method of merger and acquisition according to their financing constraints,financial and risk conditions.In the end,this paper summarizes and puts forward Suggestions to solve the problem of technology intensive mergers and acquisitions in China from the perspectives of enterprises themselves,investors and the Chinese government.In addition,in view of the deficiencies in the research,this paper also puts forward some improvement measures to provide improvement directions and ideas for further research on financing constraints and mispricing.