The Impact Of Payment Method On Merger And Acquisition Performance Of Listed Companies In China

In recent years,with the rapid growth of M & A events in China,how to improve the performance of M & A has become a research topic for scholars.Among the many factors that affect the performance of M & A,the payment method of M & A is one of the important factors.Therefore,the main research content of this paper is the impact of payment method on M & a performance.This paper takes the M & A events of Shanghai and Shenzhen A-share listed companies in 2011-2017 as samples to distinguish whether cross industry M & A or cross-border M & A,and uses event research,factor analysis,multiple linear regression and other methods to study the impact of different payment methods on M & a performance.The empirical analysis results show that in the short term,M & A events will significantly improve the market performance of the merging company;in the long term,the performance of the company shows a trend of decline first and then rise,but the overall results are not significant,so the M & A activities have no significant impact on the long-term M & a performance of the merging company.From the perspective of the short-term M & a performance of the overall sample,stock payment and mixed payment can significantly improve the M & a performance of the overall sample,while cash payment has no significant impact on the M & a performance of the overall sample;from the perspective of the long-term M & a performance of the overall sample,stock payment can significantly improve the M & a performance of the main merging company,while cash payment and mixed payment do not significantly improve the M &a performance of the main merging company M & a performance.From the perspective of improving the short-term and performance of the overall sample,stock payment is better than mixed payment and mixed payment is better than cash payment;from the perspective of improving the long-term and performance of the overall sample,stock payment is better than mixed payment and cash payment.Then,this paper divides the overall sample according to the same industry M & A,cross industry M & A,domestic M & A and outbound M & A,and further studies the impact of different payment methods on M & a performance.The analysis of M & A samples in the same industry and cross industry shows that in the short term,whether in the same industry or cross industry M & A,stock payment and mixed payment can significantly improve the M & a performance of the main merging party;while cashpayment significantly improves the M & a performance of the main merging company in the same industry M & A,but significantly reduces the M & a performance of the cross industry M & A samples.In the long run,only the M & a performance of stock payment samples in the same industry has been significantly improved,while the M & a performance of cash payment and mixed payment samples have not been significantly improved;in cross industry M & A,cash payment and stock payment have no significant impact on the M & A performance of the main merging company,and the M& a performance of mixed payment samples has been significantly improved in the first year after M & A But in the third year after M & A,it dropped to the level before M &A.generally speaking,M & a performance has not been significantly improved.The research on domestic and outbound M & A samples shows that cash payment can not significantly improve M & a performance in the short term,whether domestic or outbound M & A,short term or long term;stock payment and mixed payment can significantly improve M & a performance in the short term,whether domestic or outbound M & a;in the long term,stock payment can significantly improve M & a performance in domestic M & A In order to improve the M & a performance of the merging company,hybrid payment can not significantly improve the M & a performance;in outbound M & A,stock payment can not significantly improve the M &a performance of the merging company.At the end of the article,the author puts forward some suggestions on how to improve the performance of M&A based on the empirical analysis,hoping to provide reference for the M&A activities of Chinese enterprises.