M&A Risks Control In Payment-method Design:a Multi-Case Study

China's M&A market has accelerated markedly since 2014,and the "blowout" and"active" label has drawn wide attention from all sides.In M&A activity has become increasingly active at the same time,the payment as the pinnacle of M&A structure design,showing the diversification and innovative features in recent years,is no longer the specter of cash,but presented the flowers,more and more attention to the ideas of risks prevention and control throughout the payment always.So this article to use innovative payment of M&A in recent years as the research object,study how the acquirer M&A risks prevention and control of through the design of the payment.Compare to past research in this paper,we study the difference between payment in the form of more cases to study how to control risks of M&A,M&A risks control mechanism in the design of payment instructions,constructs a model of M&A risks prevention and control of payment.Existing studies are mostly concentrated in the study of M&A payment option,or M&A risks overall prevention research,few papers discuss how to prevent and control the risks in the design of M&A.So the main research question in this paper is how to design and prevent M&A risks through payment method?What are the elements of the payment method design before interpreting this problem?And what are the risks in M&A.The article mainly focuses on the above three issues.In this study,the existing way of payment is divided into fixed payments,or half fixed payment and payment,by HHM(Hierarchical Holographic Modeling)framework systematically comprehensively identify the risks of M&A,and combined with case study methods to analyze the specific payment method in M&A,stand in the angle of the acquirers to explain how to prevent and control M&A risks through the design of payment,M&A risks prevention and control of payment design model is established finally,M&A in the design of payment from the same point to analysis the risks prevention and control mechanism.The main conclusions of this article is that the M&A risks is divided into three kinds of risks according to the process of M&A,mainly the risks in preparation before the M&A,the operational risks in the process of M&A and the integration risks after the M&A.These risks can be further divided.M&A payment design content mainly includes payment tool to pay the price,payment time,and pay the additional terms,acquisition should be based on the design of the above four parts to control valuation risks,financing risks,payment tool selection risks,anti-takeover riskss and risks management integration.In this paper,the main contribution is as follows:systematically analyzes the M&A risks and the mode of payment,in-depth analysis of how to implement the M&A risks prevention and control by the design of payment,and combined with the case study method,constructs a model of risks control method of payment.