Research On The Mixed Payment Methods Of Xinjin Gang Mergers And Acquisitions Kuan Pu Technology

With the continuous development of China's capital market,mergers and acquisitions by listed companies have become an important means for companies to achieve capital expansion and optimize resource allocation.Compared with the company's expansion through its own accumulation,mergers and acquisitions have more advantages in time,can quickly expand the size of the company and thus enhance the overall competitiveness of the company.With the continuous expansion of M & A transactions in China,traditional cash and stock payment methods have gradually failed to meet the actual needs of both parties.Therefore,China needs to strengthen the innovation and promotion of M & A tools.In 2018,the China Securities Regulatory Commission promoted the pilot use of directional convertible bonds for mergers and acquisitions to support the development of listed companies.A directional convertible bond is a bond that refers to a non-public issue of convertible company stock by a specific investor.After Xinjin was released as a pilot announcement,the first company to use directional convertible bonds for M & A payments and raise matching funds is very representative.This paper uses a combination of literature research method and case analysis method to study the typical case of Xinjingang's mergers and acquisitions Kuanpu Technology.Firstly,this article introduces the topic selection background,research significance,and current research status at home and abroad,and explains the innovation points and deficiencies of this article.Secondly,it introduces the basic situation of M & A parties and M & A transactions.Thirdly,it analyzes the payment method and its influencing factors of Xinjingang's mergers and acquisitions Kuanpu Technology,the advantages of convertible bonds for supporting financing,and the market impact of mergers and acquisitions.The influencing factors for the selection of M & A payment methods are analyzed from various aspects such as policy factors,M & A objectives,financial status,equity structure,tax incentives,etc.M& A payment methods mainly analyze the advantages and rationality of the “cash + stock+ directional convertible bonds” hybrid payment method.Supporting financing mainly analyzes the advantages of using directional convertible bonds.Then,use the event research method to analyze the market impact of Xinjingang M & A.Finally,from theabove analysis,the case reveals that relevant departments should improve the supporting system of directional convertible bonds as soon as possible,and listed companies should choose a mixed payment method of directional convertible bonds in M & A transactions.The innovative application of M & A payment methods and the diversified development of M & A tools are of great significance to improve the efficiency of corporate mergers and acquisitions.This article hopes to provide valuable guidance and reference for listed companies that choose a hybrid convertible bond payment method for M & A in practice by analyzing the representative case of Xinjingang.