Research On Financing Methods Selection For Listed Companies

Companies are a key element of supporting one country’s economic growth. The quality that enterprises grow up is a major issue that concerts the people’s livelihood and the national economic. As an important ring in the economic activity, companies merge are received much concern day and day. With the development of the economic globalization, merger&acquisition of our country has received the best development. Form the view of macroeconomic management, combination will be a main measure of adjusting nation economic structure and hasten the strategic recombination of the SOE in the future. From the view of enterprises develop, combinantion is one of the important out strategic development ways to enhance core-competitiveness, realize its rapid and sustainable development.In recent years, the merge scale of china enterprises is getting larger and larger. It need more large funds, and along with it, the financing will become more important. The disparity forms of financing, the fund of financed the size of risk, the cost and financing channel determines the significance of M&A activity, and then affecting the ability to attain the final success of M&A.This text focuses on compare the performance under the different manner of financing, through the empirical to get relationship between them. In the first place, article defined the concepts of M&A financing, and introduced some financing theory as the theoretical basis for this text. At the same time, compare the different between Chinese and western of apply the financing mode, and the reasons causing of this situation were discussed. The empirical aspect based on the same collected sample, this text selected in2006-2008listed companies in china M&A event as object of study, ply factor analysis and regression analysis, then get the following verdict:different types of financing bring about different M&A performance. The use of stock right financing for mergers is less than use of other means. M&A debt financing and M&A performance is active correlation. The internal cash financing ability and M&A performance is negative intermix. In the end, according to the research, analysis of its reason and given some advice.