Research On M&A Financing C Hoice For Theliste D Ente Rprises Of China

With the rise of the Internet, the Internet age is coming, the old business ecosystem will change, and the Internet as a new type of commercial ecological infrastructure will be born. In the business ecosystem, users and data as for important features, the Internet thinking is the basic ideas. Such business environment promotes greatly the merger and reorganization among enterprises. In the new commercial era, enterprise mergers and acquisitions is to control the flow entrance, serve more users, and finally realize the enterprise ecosystem building. It will promote the transformation and upgrading for industry eventually, as the national economic structure gets improvement and adjustment. So this is of great signif icance. In order to achieve anticipat ed goal, merger and acquisition between enterprises needs to solve many problems, including how to obtain acquis itions funds, and how to efficiently use merger and acquisition of funds, which will be important problems, and it is essentially the opt im izat ion selection for merger and acquisition financing problem.In order to make the m&a party choose m&a financing way, which has the comparative advantage, and is access to maximize the benef its of mergers and acquisitions. Based on the information asymmetry theory, the listed companies in Shanghai and Shenzhen as the research object, as for the listed enterprise, this paper builds the merger and acquisit ion financing optimal selection model, the model is derived to solve, and empirical tested which is based on the merger and acquisition data from Shanghai and Shenzhen stock exchange, the following conclusions: When enterprise development capacity is greater than-1 and less than 0.873, the enterprise will get comparative advantages by taking equity financing, and when the enterprise development ability is greater than 0.873 and less than 1, the enterprise carrying out mergers and acquisitions has comparative advantages by way of its own funds, the test results are consistent with the actual situation, which is that more equity financ ing is used to carry out enterprise mergers and acquisitions in the Shanghai and Shenzhen two stock exchange.At the same time, in line with the optimal selection model to serve the financing needed for optimal selection of the construction of the environment and conditions, this article dig listed companies choose m&a financing the macroscopic environment and microscopic conditions facing problems, such as the financial laws and regulations is not perfect in our country, the guidance of the lack of mergers and acquisitions subject selection optimizat ion financing, etc. Conclusion based on optimal selection model, this paper puts forward countermeasures and Suggestions of the important questions, such as promoting financial laws, improve the financial environment; Mergers and acquisitions party attaches great importance to developing capability assessment, determine the optimized financing ways, etc., in order to listed companies provide a valuable reference for efficient, high quality to carry out the merger.