An Research Of Choice Of Payment Method In Mergers And Acquisitions Of Listed Company

With the continuous development of world economy, the development trend of worldeconomic globalization and integration, mergers and acquisitions by the derivative of increaseon a global scale,and the scale expands unceasingly. Obvious m&a has become the enterpriseespecially listed companies to carry on the rational allocation of resources broaden the livingspace, and m&a also has became the enterprise an important path to seek higher developmentplatform.As opposed to an important question is put forward, how to choice a best payment inmergers and acquisitions of listed companies that is a suitable for their own conditions,economic, reasonable and conducive to the company’s long-term development. To find theoptimal payment is a problem that all involved in mergers and acquisitions of enterprises mustbe faced. The theoretical circle both at home and abroad have done in-depth research,achieved a large number of creative achievements.Research shows that the choice of paymentfor mergers and acquisitions has overall and long-term results, a large number of enterprises’own factors and external factors affect the final payment options, and the influence ofdifferent factors on the choice of enterprise payment has different levels. For the study ofdriving factors that affect enterprise payment choice has made abundant achievementsabroad.Due to the market economy in China starts late,and the capital market needsimprovement, a large number of scale enterprise merger and acquisition only have sprung upin recent years, and compared with abroad, in the economic system, capital markets, financialsystem, the laws and regulations, and the psychological custom there are large difference.Toobtained in foreign mature theory research to guide our country enterprise m&a paymentoption, the effect is very limited.For by China’s domestic enterprises mergers and acquisitions of real case to carry on the empirical study is less, more focused on the study of the theory ofthe shallow level; So the paper are using the real data of domestic m&a to carry on theempirical research, and exploring for the solution of the problem.Firstly,to ensure the purpose and significance of this paper,the author searched andstudied the literature of previous mergers and acquistions of listed companies.Then,by studiedthe concept and classifications of m&a and some related theories,the author worked out thefactors affecting the choice of m&a payments of listed companies.And then searched theneeded dates and used the factors to ensure the indexs.Finally came out the conclusions byempirical analysis.This paper makes the439mergers and acquisitions as the main research basis, adopt theway of combining theoretical analysis and empirical study, to our country enterprise mergerand acquisition the influence factors of the choice of payment method for a intensive research,for the factors affect the choice of the payment in a quantitative, hope to be able to payment toour country enterprise mergers and acquisitions in the selection have some reference andguidance.