An Empirical Study On The Impact Of M&A Payment Methods On Long-Term M&A Performance

Under the background of the new normal of economic development,mergers and acquisitions,as a way of enterprise development and expansion,can realize the two functions of industrial structure upgrading and optimal allocation of resources,and can integrate excess production capacity and generate new impetus for economic development.Therefore,the number and amount of mergers and acquisitions in China's enterprises have shown a trend of rapid growth in recent years.In M&A activities,the choice of M&A payment method is a crucial link.Reasonable selection of M&A payment method is not only the last step of M&A activities,but also determines the success or failure of M&A activities.The choice of M&A payment method will affect the capital structure,ownership structure and management strategy of both parties in the short term,thus affecting the short-term M&A performance.In the long run,these factors will also have a significant impact on long-term M&A performance.Compared with short-term M&A performance,long-term M&A performance can better reflect the assumption of sustainable operation and the concept of sustainable development of the enterprise,can better reflect the growth of the enterprise and the correctness of the strategic decision,and is more in line with the motivation of the enterprise to carry out M&A activities to improve the operating performance.Therefore,this study on the impact of M&A payment methods on long-term M&A performance can not only help both parties to choose a reasonable payment method,but also connect the choice of M&A payment methods with long-term M&A performance,which is not only of theoretical significance but also of practical significance.This paper makes a systematic and in-depth study on the impact of M&A payment methods on long-term M&A performance by using the methods of literature research,empirical research and accounting research.First of all,the relevant documents at home and abroad are combed and integrated to form their own writing ideas.Secondly,it makes relevant theoretical analysis,summarizes the concepts of M&A and M&A performance,and analyzes the impact of M&A payment methods on long-term M&A performance based on MM capital structure theory,signaling theory,risk sharing theory and tax theory.Again,the empirical analysis was carried out,and the data were screened and sorted by using Excel,SPSS and other software.A total of 1181 company samples were obtained.Through mean comparison analysis and multiple regression analysis,this paper studies the influence of fourM&A payment methods including cash payment,stock payment,asset payment and mixed payment on the long-term M&A performance in the five years before and after the M&A;Finally,the conclusion of this paper is that cash payment,stock payment and mixed payment will improve the long-term M&A performance of enterprises,but asset payment will not improve the long-term M&A performance of enterprises,and compared with cash payment,non-cash payment is more conducive to improving the long-term M&A performance of enterprises.