Empirical Research On Equity Structure,M&A Payment Method And Enterprise M&A Performance

Equipment manufacturing industry is the foundation of the development of national economy.With the rapid development of China’s comprehensive economic construction,equipment manufacturing industry in order to ensure the development needs of its own technical resources of the whole industry.At the same time,from the perspective of long-term development,equipment manufacturing enterprises have carried out a large number of mergers and acquisitions projects in recent years,aiming to complete the optimal allocation and integration of technical resources through mergers and acquisitions,so as to further reduce manufacturing costs and strengthen the core competitiveness of enterprises.Listed companies,for equipment manufacturing industry,therefore,want to realize through enterprise mergers and acquisitions technology level,not only to accurately analyze their own situation,but also summarizes the important factors in the financial data information,make scientific and reasonable merger and acquisition plan,is of great significance to improve the performance of enterprise mergers and acquisitions.The paper takes listed companies in China’s equipment manufacturing industry as the research object,carries out empirical analysis on the influencing factors of merger&acquisition performance,puts forward the assumptions of enterprise equity structure and merger and acquisition payment method for merger&acquisition performance,and verifies them one by one.First of all,from the perspective of listed companies in equipment manufacturing industry,this paper analyzes the general situation of shareholding structure and M&A payment method at the present stage,and points out the problems existing in M&A payment of listed companies in equipment manufacturing industry.Secondly,hypothesis questions are raised between the shareholding structure,the payment method of merger and acquisition and the performance,which are as follows:Hypothesis 1:The equity structure has a significant negative impact on the performance of mergers and acquisitions;Hypothesis 2:The more concentrated the shareholding structure is,the more inclined the merger payment method is to make cash payment;Hypothesis 3:The payment method of M&A has an intermediary effect in the impact of equity structure on M&A performance.Finally,an empirical research is conducted on the performance of mergers and acquisitions to verify the actual impact of equity structure on the performance of mergers and acquisitions,and analyze the intermediary effect of merger and acquisition payment method on the model.All the hypothesis problems are verified.Therefore,according to the shareholding structure and the impact of M&A payment method on M&A performance,corresponding suggestions are put forward to help listed companies in China’s equipment manufacturing industry build a scientific and rigorous M&A evaluation system,which is conducive to the adjustment and improvement of internal governance structure,and achieve good medium and long-term M&A performance.Hope to provide reference and reference for relevant practitioners.