| There are more and more M&A affairs as the development of economic, and the M&Ahas become one of the best way to distribute resource and optimize the constructionof industry. At the same time, the mode of payment becomes various. In the fieldof the research of payment, experts overseas are concentrating on the analysis of theability finance, the status of finance market, the structure of stockholdings and thedevelopment stratagem of enterprises, but in China, the experts pay attention tocompare the differences on among the methods of payment. And when it comes to theinfluence of payment, the foreign experts concentrate on the questions about excessreturns and messages bought by different payments and the domestic experts mainlyresearch in ration analyze and few cases analyze.This paper consider that the choice of the method of payment is the result ofbargaining between the control persons in M&A, and the choice of the method of paymentis just to choose the way of finance in M&A. So we should analysis this question basedon known the concentration ratio of the target enterprise' ownership right, therelation between M&A and the target's controller, the barrier to entry and the costof different ways to finance. In the recently(main during the period of 1999-2004),the finance market of our country aren't perfect, the development of finance industriesis imbalance, the indirect way of finance develops quickly with high cost but the directway of finance are small with high barrier of entry and the construction ofstockholdings are special. All of these affect the choice of the method of paymentin M&A. Because the owners of companies are also the persons who invest the questionof stockholdings is one of the fields in finance market. There are close connectionbetween the choice of the method of payment and the development of finance market.The latter influence the front from two ways. One is that the construction ofstockholdings can decide the targets of control persons and the other is that thebarrier of entry and the cost of finance can influence the method of finance in M&A.In means, the paper uses the cooperate model of games to analysis in theory andfinds that the choice of the method of payment is decided by the construction of stockholdings, the relation between M&A and the target's control person, the inventchances of the real control person of the target enterprise and the barrier of entryand the cost of finance. The concentration stockholdings of the target enterprise useto be M&A by private offer with lots of the methods of payment. The close relationcompanies choose to use mixed payment, mainly exchanging asset, the cash paymentusually used when the M&A enterprise has narrow ways to finance and there are fewpayment with stockholdings, usually affected by government. Buy the targetenterprises' stock and tender offer mainly use cash payment.In demonstration analysis, the paper analysis some cases in microcosmic and alsothe simple of type M&A cases during 2001 to 2002 from short and middle period ofperformance. The result shows that the mixed payment performs well, using little cashoutflow is good to the target companies in M&A, and also be better in using the asset.At last, for the companies using the methods of payment well, our country shouldadjust and optimize the construction of stockholdings, the industry of finance, thebarrier of entry and the cost of different ways of finance. |
