Research On The Impact Of Different Payment Methods On M&A Performance From The Perspective Of Enterprise Life Cycle

Merger and Acquisition can help enterprises improve their core competitiveness and expand their production scale,which is an important means of enterprise development.In the process of M & A,the choice of payment method has an important influence on enterprises,which is related to the success of M & A and the integration of resources after M & A.With the gradual improvement of China’s M & A market,M & A activities are more and more active,and M & A payment methods are also gradually diversified.Therefore,what kind of payment method should be chosen to achieve better M & A performance is a problem that enterprises and scholars need to think about.First of all,this paper systematically combs the domestic and foreign research literature about the impact of payment methods and life cycle on M & A performance.Secondly,on the basis of literature review and definition of related concepts,this paper summarizes the theoretical basis of enterprise life cycle theory,signal transmission theory,risk sharing theory,and puts forward research hypotheses based on the theoretical basis of this paper.Thirdly,this paper selects A-share listed companies that have had M & A activities in 2014-2016 as research samples and M & A performance was measured by principal component analysis,through descriptive analysis,mean T test and multiple regression,test the impact of payment methods on M & A performance and the impact of payment methods on M & a performance under different enterprise life cycle.The results show that different payment methods have different effects on M & A performance,the stock payment method is the best,the mixed payment method is the second,and the cash payment method is the worst;the life cycle of enterprises is different,the impact is different,the mixed payment method is the best in the growth period,and the stock payment method is the best in the mature period and the recession period.Finally,some suggestions are put forward according to the empirical results.