The Research On The Financing Questions Of The Transnational Merger And Acquisition Of The Chinese Enterprises

With the development of the economic integration of the world, some listed companies in our country brave to go out of our gateway of the country and merge in the oversea market . Financing question is the key factor which determines to succeed or not. Comparing with foreign countries, the financing channels of the listed companies of our country are not unobstructed yet. The varieties of the financing tools are relatively single. So, it is very important to enrich our country financing tools and financing channels.This paper starting from the financing current situations of the merger of the Chinese enterprises and western enterprises, points out the financing problems of the transnational merger of the Chinese enterprises. By analyzing main financing tools adopted at merging financing abroad, it is useful for reference to the Chinese enterprises. Meanwhile, transnational merger is different from merging at home. There is its particularity .We should consider exchange rate, tax revenue and national risk etc. Finally, according to the option theory, the economic relations between enterprise, shareholder and creditor have the characteristic of the option; stockholder's equity is the call option based on enterprise's value; the application of Black-Scholes model is expanded on appraising the financing proportion of enterprise. This paper proposes the conclusion that the elasticity of call option based on the enterprise's value and the financial lever of enterprise should keep unanimous, consequently, the financing structure of the enterprise will be confirmed rationally.The paper adopts the dialectical method by which theory combines with practice, and takes the JINGDONGFANG Limited Company as an example to analyze. By comparing asset-liability structure and financial rates before and after the merger to confirm financing mode and other questions that should be considered and utilizing the conclusion that the elasticity of the call option based on enterprise's value and financial lever of the enterprise should keep unanimous to appraise financing structure of the JINGDONGFANG company.