Research On The Influencing Factors Of Listed Companies’ M & A Payment Methods Based On The Case Of Saiteng’s Acquisition Of Lingou Technology

With the vigorous development of the market economy,listed companies are increasingly increasing their competitiveness through mergers and acquisitions.Throughout the entire M & A process,M & A payment methods are extremely important and even determine the success of the transaction.A variety of complex factors need to be taken into full consideration when deciding on a payment method for mergers and acquisitions.Therefore,analysis and research on various influencing factors is necessary.Compared with developed countries,China’s mergers and acquisitions started late,and the merger and acquisition payment method is relatively simple.With the rapid development of the merger and acquisition transaction market,the current mergers and acquisitions payment methods that are widely used can no longer meet the needs of development.In recent years,the China Securities Regulatory Commission has issued a number of policies and regulations to encourage listed companies to conduct mergers and acquisitions through payment methods such as convertible bonds and preferred shares.On November 1,2018,the China Securities Regulatory Commission released an important news,preparing to launch a pilot,using convertible bonds for mergers and acquisitions.On the second day of the announcement,Suzhou Saiteng Precision Electronics Co.,Ltd.issued a suspension notice announcing its intention to use convertible bonds and shares for M & A activities.On November 8,Saiteng released a preliminary plan announcement for the transaction,which intends to acquire 100% of Suzhou Saiteng Lingou Intelligent Technology Co.,Ltd.for 210 million yuan.This article analyzes the first case of convertible bonds as the main M & A payment method,and explores various factors that affect M & A payment methods,including external factors such as policy orientation,industry associations,M & A scale,and internal factors such as strategic objectives,financial status,shareholding structure,stock price level,comprehensively evaluated the merger and acquisition payment method of Saiteng,analyzed the risks brought by the pure use of cash or shares,and explained the main reasons of using convertible bonds to pay and the role of cash and shares in this M & A transaction.Finally this article put forward suggestions to provide ideas for future listed companies to choose M& A payment methods,in order to enrich China’s M & A and restructuring payment tools,and help the M & A transaction market develop further.