Research On The Impact Of Payment Methods On Mid And Long-term Performance Of M&A Enterprises

With the development of 5G,Internet technology and other high-tech,recent years have been a golden period for information technology companies to transform and upgrade themselves.The number of enterprises developing through mergers and acquisitions is also increasing.Mergers and acquisitions can not only help enterprises achieve scale expansion,but also quickly obtain cutting-edge technology and high-quality resources,thereby comprehensively enhancing the company's innovation ability and market position.How to choose the payment method is also very important.Therefore,in this context,it is meaningful to discuss the choice of payment methods during mergers and acquisitions in terms of the medium and long-term performance differences in my country's information technology companies.This article combines theory with empirical research to systematically sort out historical literature on the impact of payment methods on performance in different periods.Second,while analyzing the mechanism,the differences in payment methods in mergers and acquisitions lead to enterprise performance results,and the nature of the enterprise and the concentration of equity,The number of mergers and acquisitions of enterprises,etc.,together with the payment method,have an impact on the performance of the mechanism analysis;Then,the screened 2006-2015 information technology industry listed company purchase events as a research sample,using long-term event research methods and factors The analysis separately measures the mid and long-term market performance and operating performance of information technology companies;and then uses multiple regression analysis to verify the impact of payment methods on the mid and long-term performance of M&A of information technology companies.Through two different empirical analyses,it can be concluded that,first,information technology companies adopt a single payment method,which has a good impact on operating performance and financial performance when using stock payment;second,when the largest shareholder's equity is too high,the information The worse the M&A performance of technology companies adopting stock payment,but when the current shareholding and payment methods of the top ten shareholders jointly affect the performance of this stock payment,the M&A performance of this stock payment has improved;third,the payment method at the time of M&A is different.The performance is heterogeneous,and the enterprises with lower frequency of M&A adopt cash payment for better M&A performance,and there is no significant difference in the payment method chosen by high-frequency enterprises;the rate of return of private enterprises using equity payment method will be higher than that of state-owned enterprises.The mid-to-long-term market performance of a company is positively related to the frequency of mergers and acquisitions within 10 years.Based on the above research conclusions,this article makes recommendations from the perspective of enterprises and the government.For enterprises,they should consider their own frequency of mergers and acquisitions and use cash payment cautiously;consider the situation of shareholders' equity and use stock payment reasonably;consider the property rights of enterprises and choose stock payment appropriately;seize the opportunity of mergers and acquisitions and formulate corresponding supporting measures.Strengthen supervision at the national level,promote transparency of information between the two parties,and ensure that all parties have a legal basis in M&A interactions;promote payment innovation and achieve diversified development.