| M&A as an important means of enterprise external development strategy,playing the role of optimizing allocation of resources,improving productivity and competitiveness of companies.However,many M&A problems still unsolved,related to it can’t play a role of correct guidance,leading to the company M&A success rate is not high.In China,listed companies’ merger payment mode was relatively single and cash payment was the main mode before 2005.Along with the advance of split-share reform and M&A laws and regulations gradually implement,the stock payment,mixed payment increased gradually,but still failed to shake cash payment’s status in our country..Beijing jiaotong university Song Xiliang Ph.D.(2010)proposed "when acquirers decide to takeover target company,facing three basic questions: firstly,payment;second,the structure of financing and control;thirdly,the merger performance."According to this article,China listed company merger payment statistics in recent years,other modes such as stock payment gradually increased,but the traditional cash payment is still an important and popular payment,almost80%.why companies still prefer to cash payment? Cash payment is through what channels to raise money? How about the merger performance? The solution of these problems will help to further deepen the M&A payment method and reveal the merger performance generated sources.Practices,company can according to their own and external conditions to choose the appropriate payment mode,improve the success rate of M&A,to promote the company value.This article adopts the method of combining normative research and case study,in order to "M&A motivation ——payment options —— financing——merger performance" logic line.Shanghai Fosun Pharmahas M&A case happened in 2010-2014 as the object of case study,research the cash payment motivations,merger performance.In order to avoid dilution for control of the controlling shareholder’s,shares are undervalued,the abundant financing ability and cash flow leads to payment of the single,basic for cash payment;Moreover,select number of new drug,return on equity,the multiple of interest safeguard and the overseas revenue growth rate of cash flow and other 12 financial and non-financial indicators system to evaluate the performance of the company’s long-term acquisition.Finally we should take measures to promote merger payment diversity,(1)make capital market pefection,reducing information asymmetry;(2)reduce the procedures of stock issuance;(3)The role of intermediary institutions;(4)broaden the merger financing channels,encourage mixed payment. |
