Discussion On The Methods Of Chinese Listed Companies' M&A Financing

Mergers and Acquisitions (M&A) is a mechanism of alternative optimum in market economy, which plays an important role in resource allocation optimization, industrial structure rectification, utilizing the effect of economics of scale, and dilatation in both production and capital scales. In the current situation of competition of transnational corporations, the trend of large-scale and diversified management is inevitable. The cases of overseas and domestic companies extend management territory by merges and acquisitions increase.Mergers and Acquisitions, as a core method of enterprise capital operation, involves the flow of large amount of assets, therefore strong capital supports play an important role in a successful M&A case and financing becomes a key issue in M&A. Choose effective M&A financing methods, reduce M&A cost, control financing risk are the most influencing points those enterprises embarking on M&A concentrated their attentions on. The M&A financing methods are manifolds along with the release of the international financing circumstance, most daily financing methods can be used in M&A financing.Whereas the faultiness of the capital market, the morbidity of the financing system, the financing channels of Chinese listed companies are unsmooth, and the financing methods are haploid. Use foreign experience for reference in such a state of affairs, improve M&A circumstance, and increase M&A methods are provided with important practical meanings.Based on deep analysis of the M&A financing theories, this thesis makes study on the listed companies' behavior of M&A financing, discuss the limitation and the cause that result in them thoroughly, and want to develop M&A financing theories, improve M&A circumstance by seeking after the proper M&A financing methods.This thesis is organized in five parts. As the preface, the first part introduces the study actuality on M&A financing and the study thought and method of this thesis; the second part discusses the financing theories and methods including their characteristics mostly used in western countries in M&A; the second part study the influencing factors of M&A financing, including financing cost, financing risk, M&A motive, capital structure, payment mode, and capital market etc as well; the third part of this thesis probes into the actualities of M&A financing in China, and arrival at a conclusion that the M&A financing of Chinese listed companies is conversed, the methods are bald, the...