The Research On The Problems Arising From Financing And Merging In China's Listed Companies

With the development of market economy, mergers and acquisitions is an important way to enhance the enterprises'competitiveness and development potential. Mergers and acquisitions will enable enterprises to cost-effective expansion, in the short term the rapid growth and growth. With the global economic integration process speeds up, on a global scale within the M&A wave is mounting, it has become a national economic restructuring, the inherent power and the basic mechanism. In China, as China's marketization process speeds up, as a market economy carrier business, inevitably will be to adapt to internationally accepted mode of production, operation, management, development and growth.Listed companies, mergers and acquisitions as China's economy is an important phenomenon, in the promotion of enterprise system innovation, to guide optimal allocation of resources and industrial strategy adjustments are playing an increasingly important role. Judging from China's M&A development, the long-term, M&A source of funding issue has been restricted large-scale and strategic acquisitions the main one of the bottlenecks. Compared with other countries present, China's acquisition of financing channel is not smooth, financing tools, a relative one. This situation, in the past that in order to assume the debt-style mergers and acquisitions, administrative allocation and protocol transfer as the main form of financial nature of mergers and acquisitions, the acquisition financing is not significant. However, as China's listed companies tradable implementation of the reform, making has been unable to flow of non-tradable shares into circulation, the listed companies in mergers and acquisitions activities began active mergers and acquisitions ways become more market-oriented, and gradually from the financial nature of mergers and acquisitions to strategic real M&A change in in-depth development to address the M&A financing, drawing on international best practice, enrich our M&A financing instruments varieties as a way to M&A financing channels become increasingly important.This paper researches financing M&A mode of firm as the main contents. First of all pairs of M&A financing concepts were clearly defined to explain the acquisition financing related theories, introducing commercial finance and mergers and acquisitions financing, and stressing this study is acquisition financing. Through the acquisition of financing instruments, international comparison, International M&A financing order of selection analysis resulted in China's listed companies, mergers and acquisitions financing there is adverse selection problem. Then from the impact of China's listed companies, mergers and acquisitions financing element of free choice, a variety of financing methods of cost analysis and on China's listed companies, M&A finance major existing financing of a comparative analysis to make listed companies in China M&A financing of the optimal financing structure design. Finally, the thesis raises the proposals and recommendations to achieve the optimal financing way and order for Chinese Listed Companies.