| As the trend of global economic integration strengthens,the importance of merger and acquisition becomes increasingly prominent.To the country,transnational mergers and acquisitions have become the internal driving force of economic structural adjustment.To academic terms,transnational mergers and acquisitions involve macroeconomics,industrial economics,financial analysis and other aspects.To enterprises,transnational mergers and acquisitions are a huge cost project,and the choice of financing means directly related to whether the cross-border M&A can be completed successfully and whether affect the operation of enterprises in the future.In this paper,by adopting the combination of theoretical and empirical research method,sorting out the influence of enterprise transnational merger and acquisition for equity financing and debt financing choice,focus on analysis on the level of transnational mergers and acquisitions impact on listed companies financing choice.This article selects the transnational mergers and acquisitions level factors as explanatory variables,namely the transaction currency,length of transnational M&A,financing institutions at home or abroad,cultural differences,the scale of transnational mergers and acquisitions,whether acquisition targets with itself in the same industry.Through do probit regression on these variables,it is concluded that multinational M&A currency,finance institutions at home or abroad,the scale of transnational mergers and acquisitions and whether acquisition targets with itself in the same industry for the choice of the financing way are significant.Finally,based on the empirical analysis results,relevant conclusions are drawn,and relevant suggestions are proposed from the enterprise,institution and government levels. |
