Study On The Impact Of M&A Types And Payment Methods On M&A Performance Of Acquirer Of Listed Companies

With the rapid development of China's economy,the adjustment of economic structure and the deepening of the supply side reform have become the focus of China's economic development.In this context,merger and acquisition as an effective economic means to optimize the allocation of resources,improve economic efficiency and achieve scale effect have been paid more and more attention by the government department.Therefore,the government has continuously promulgated the government.Various policies and documents promote the development of the M&A market.Under the incentive of policy,the M&A market has developed rapidly,but the performance of M&A activities is uneven.A large number of enterprises have not been improved after the merger and acquisition.In this context,the types of M &a and the payment mode of M&A are two angles.This paper studies the short-term performance and long-term performance of the merger and acquisition activities of the main side,in order to determine the effect of the type of merger and acquisition on the short-term performance and long-term performance of the enterprise,so as to provide a reference for the selection of the target and the way of payment for the merger and acquisition,so as to improve the performance of the merger and acquisition.On the basis of reviewing and combing relevant literature,this article has in-depth analysis of domestic and foreign experts and scholars' research on the effect of M&A types and payment methods on M&A performance,and further detailed in the case of summarizing the lack of sample segmentation by domestic and foreign scholars.The object of study has been developed,which is conducive to the improvement of research in related fields.This paper uses theoretical analysis to combine the actual conditions of China's capital market and puts forward a series of assumptions about the impact of M&A types and payment methods on M&A performance.In the empirical analysis,this article screens the mergers and acquisitions events of listed companies that occurred in 2009 to 2015 and uses events.Research methods and accounting research methods,and use Eviews,Stata,and other analytical tools to study the impact of M&A types and payment methods on short-term M&A performance and long-term performance,and build a multiple regression model on the analysis results.The verification finally reached the following conclusion: M&A events can bring significant excess returns to M&A parties in the short term,but overall the long-term performance of M&A parties is not significant;from the M&A type perspective,M&A types have short-term M&A performance.The impact is not significant,but the impact on long-term performance is significant.Regardless of whether the company uses stock payment or cash payment methods,the long-term performance of related mergers and acquisitions is better than non-related mergers and acquisitions;from the perspective of payment methods,different payment methods will significantly affect mergers and acquisitions.The short-term performance of the Under what kinds of mergers and acquisitions,the short-term performance of stock payment is obviously higher than the short-term performance of cash payment.At the same time,regardless of the type of merger and acquisition that the acquirer chooses,the long-term performance of stock payment is higher than that of cash payment.The innovations of this paper mainly include two points: First,when studying the types of mergers and acquisitions,the payment methods are introduced into the research content,and the research on mergers and acquisitions types and M&A payment methods on M&A performance is further improved.Secondly,this article comprehensively uses incident research method and accounting research method to combine short-term performance and long-term performance of mergers and acquisitions.Super CAR and ΔROA value indicators are used to evaluate the short-term and long-term performance of mergers and acquisitions of mergers and acquisitions.Compared with the BHAR method,Tobin Q or ROE,the ΔROA selected in this paper has the least impact on market environment and transaction payment methods,which makes the evaluation of M&A long-term performance more objective.On the basis of the above conclusions,this paper puts forward some suggestions on government and the M&A parties respectively.In view of the government,this paper puts forward to accelerate the diversification of payment methods,and gradually change the situation of cash payment in the M&A market of our country,which is beneficial to the flexible selection of the payment methods by enterprises,thus promoting the merger and acquisition activities.The active effect can further stimulate the vitality of the M &A market in China.In this paper,the author puts forward some suggestions on the type of merger and acquisition,payment mode and the quality of integration after merger and acquisition.It is beneficial to the merger and acquisition enterprises to improve the performance of merger and acquisition,and to avoid the errors caused by the type of merger and acquisition and the way of payment.