Research On The Payment Method And Performance Of Merge&Acquisition

The Chinese capital market has been developing rapidly.As a market resources allocation method of capital flows,enterprise merger and acquisition(M&A)is playing an important role in economic development.After consulted with document literatures related with payment method in M&A,the author found that previous researches on the payment method in M&A emphasized on stock price fluctuation for short term performance analysis,and few data were used after 2010.As stock price fluctuation is caused by a number of factors,this paper takes long term financial performance analysis.This paper takes listed enterprises that have had M&A activities during 2014-2015 as samples,choose financial index of 9 enterprises,use factor analysis to measure the comprehensive score of enterprise performance,and use regression model to verify whether the conclusion is consistent with the hypothesis.Following conclusion has been made after empirical study: stock payment method of M&A has significant impact on the performance of enterprises after M&A.The larger the scale of an enterprise is and the higher ratio the state share takes,more likely the financial performance would be reduced after enterprise M&A.Enterprises with higher ownership concentration have better financial performance after M&A activities.