Empirical Study On The Impact Of Payment Modes On M&A Performance Of Listed Companies

In the process of capital market development in China,as a common way to expand the scale and improve competitiveness,mergers and acquisitions among enterprises are becoming increasingly frequent.Mergers and acquisitions have made a qualitative leap forward in the development of enterprises.However,not all mergers and acquisitions can be successful,and some of them still end in failure.At the same time,in those successful mergers and acquisitions,the final performance of mergers and acquisitions has different levels,and there is heterogeneity in the life cycle of enterprises.In addition,the choice of different payment modes of M&A will also have an impact on M&A performance.Over the past ten years since 2005,M&A payment has been diversified.However,for enterprises at different stages of life cycle,how to choose the most suitable payment mode in M&A activities is an urgent problem to improve the performance of M&A.Therefore,this paper takes the M&A activities of listed companies as a starting point to study the impact of payment modes on M&A performance from the perspective of enterprise life cycle.Based on the perspective of enterprise life cycle,combined with existing literature and related theories,this paper explores the impact of M&A payment modes on M&A performance of listed companies through empirical research.In the research process,firstly,the existing literature is summarized,and the relevant research on M&A performance and the impact of payment modes and enterprise life cycle on M&A performance is summarized by domestic and foreign scholars.The related concepts and theories are defined,and the research hypothesis is put forward based on the theoretical basis of this paper.Secondly,the sample of M&A of A-share listed companies in China from 2012 to 2014 is selected as the research object,and the data of four years before and after M&A are sorted out.Empirical research is conducted to analyze the impact of payment modes on M&A performance and the impact of payment modes on M&A performance of enterprises in different life cycle stages.It improves the accuracy of the research results.According to the results of the study,the conclusions are as follows: payment mode has a significant impact on M&A performance,and stock payment can produce better M&A performance.Andaccording to the different life cycle stages of enterprises,there are obvious differences in this kind of impact.The performance of M&A using stock payment is better than cash payment in both growth and maturity stages,while there is no significant difference in the impact of which payment mode the recession enterprises choose on M&A performance.Finally,according to the results of empirical tests,some suggestions are put forward for enterprises in different life cycles to choose reasonable payment modes for mergers and acquisitions.