Research On The Financing Methods Of Apex's Cross-border Merger And Acquisition Of Lexmark International

In recent years,under the guidance of China's "going out" strategy and "supply side reform" and other national policies,more and more enterprises begin to go abroad to seek broader development in the world economic market,and strive to make breakthroughs in the scale and business scope of enterprises.As an effective way to achieve this goal,cross-border M & A is increasingly sought after by enterprises.However,cross-border M & A often needs to pay a huge amount of M & A consideration,and it is difficult to meet the capital demand only by the accumulation of enterprises themselves.Therefore,how to choose the optimal financing mode in the existing capital market has become the key and difficult point for the successful completion of cross-border M & A.This paper takes the typical "snake swallow elephant" cross-border M & A case of Lexmark international as the research object.After introducing the relevant theoretical basis,it analyzes the M & A financing process of this M & A and summarizes the financing methods used in the M & A by using the flow chart method.The analysis part of financing methods,firstly,from the micro and macro perspectives,the paper summarizes the factors that affect the choice of diversified financing mode in the merger and acquisition of Apex,including the financing environment,the service level of intermediary institutions,the financial situation and capital structure of Apex before the merger and acquisition;secondly,from the perspective of Apex,it analyzes the financing cost of using various financing modes;thirdly,it uses The index analysis method analyzes and summarizes the advantages and existing problems of the financing methods selected by EPEC in this M & A,and finds that the selection of innovative M & A financing tools and diversified financing methods are important factors for the successful completion of this M & A.at the same time,high liabilities lead to the unreasonable capital structure of enterprises,the potential financial and exchange rate risks of diversified financing methods,and the way for joint investors to retreat.There are some problems in the financing way of this M & A.Finally,this paper summarizes the corresponding enlightenment for the advantages of financing methods,such as making full use of the internal capital market financing of enterprises,using innovative M & A financing tools and diversified financing methods to raise the funds needed for M & A,and puts forward corresponding suggestions for the existing problems,such as determining the appropriate capital structure ratio and subsequent refinancing structure to optimize the capital structure after M & A,and selling No Related businesses pay down debts to reduce financial risk,use financial derivatives and hedging to prevent and resolve exchange rate risk,and efficient integration after M & A makes joint investors exit reasonably.Through the detailed analysis of the international financing mode of EPEC cross-border M & A,we can not only optimize the financing scheme of this M & A case,but also provide reference for Chinese enterprises to choose the financing mode in cross-border M & A.