A Studay On The Effect Of Payment Method Of M&A On The Performance Of M&a Of Technology Companies

Deng Xiaoping put forward "science and technology is the first productive force",later the country put forward "science and Education Prosper the country",science and technology has been highly valued by the state and the government.Over the past 40 years of reform and opening up,many Chinese science and technology enterprises have gone abroad while they are growing bigger and stronger.An effective way for enterprises to grow bigger and stronger is merger and acquisition.Looking back on the development process of some large enterprises,there are merger and acquisition activities accompanied by their development.Few enterprises have no merger and acquisition activities in the process of growing bigger and stronger.As the capital market of our country tends to be more and more mature,the ways of payment of M&A of listed companies are more and more diversified.herefore,the research on the impact of different M&A payment methods on M&A performance of technology companies will help technology companies to choose the appropriate M&A payment methods and formulate the appropriate M&A strategies according to their own situation,and also help to provide important reference for regulators and governments on M&A performance.This paper studies the performance changes of technology enterprises before and after M&A from the perspective of M&A payment.This paper analyzes the performance and payment method of M&A by combining qualitative research and quantitative research.In the part of empirical research,this paper adopts the financial research method,taking 2014 and 2015,A-share Zhonghua as the sample of M&A activities of science and technology companies related to the industrial chain,and uses a series of financial indicators in the year of M&A and two years before and after M&A,and uses factor analysis to analyze and compare the three payment methods of cash payment,stock payment and mixed payment,under which,the technology companies are combined with each other Comprehensive performance before and after purchase.The following conclusions are drawn: cash payment has a significant improvement on the performance of technology companies after M&A,while stock payment has a negative impact on the performance of technology companies in the same year and one year after M&A,which only improves two years after M&A.mixed payment has a relatively small positive impact on the performance of M&A in the same year and one year after M&A,but in the two years after M&A,it begins to have a negative impact on the performance of M&A Ring.Finally,on the basis of the empirical analysis and the results of the academic research,this paper provides the targeted suggestions for the technology companies to improve the performance of M&A and promote the development of the technology industry.