Financing Mode Choice And Performance Analysis Of Cross-border M & A Of Listed Companies In China

With the proposal of "One Belt and One Road" initiative in China,in order to improve the competitiveness of enterprises and speed up the technological innovation,more and more listed companies in China are acquiring foreign high-quality enterprises.The choice of the Merger and Acquisition(M&A)financing mode is the key factor to determine the success or failure and effect of cross-border M & A.In this paper,theoretical and case studies are used to explore the financing methods of overseas M&A of listed companies.The reasons for the selection of financing methods and financing effects are analyzed in depth.Suggestions for optimizing the financing methods of cross-border M&A of listed companies are put forward.Firstly,based on the analysis of recent literature,this paper discusses the status quo,motivation and characteristics of cross-border M&A of Listed Companies in China.Based on the introduction of the types of cross-border M & A financing methods,this paper analyzes the basis and preference of cross-border M & A financing methods of Listed Companies in China with six cross-border M & A cases as samples.Furthermore,Based on the sample of Chinese manufacturing enterprises listed on A-share in cross-border M&A from 2011 to 2019,this paper analyses the non-linear impact of financing constraints on the performance of cross-border M&A.Finally,from the aspects of perfecting the system construction,improving the level of intermediary institutions and enriching the financing methods,this paper puts forward some suggestions for Chinese listed companies to choose the financing methods of cross-border M & A scientifically and effectively.Through the research of this paper,it shows that listed companies should consider the time,capital structure,financing risk and cost of cross-border M & A in order to make a financing mode that adapts to the current situation of the company.Listed companies should also consider the impact of their own enterprise scale,listing years and other financing constraints on the performance of cross-border M & A.The research of this paper provides reference for the choice of cross-border M & A financing mode of listed companies in China.