Empirical Research Between The Method Of Payment And Performance Of M&A In The Context Of Steady Growth

M&A has always been the focus of attention of investors and academics at home and abroad.Under the background of steady growth,the policies of adjustment of China's industrial structure and the supply-side structural reform have promoted the wave of M&A again in recent year.M&A,as an important means of deleveraging,has been favored by the traditional cyclical enterprises.Whether M&A success or not will have a lasting impact on enterprises.In the M&A process,a reasonable choice of payment method is very important for the success implementation of M&A activities.Therefore,the research on method choice and M&A performance can provide reference value for company.This thesis chooses the M&A events of shanghai and Shenzhen stock market of A-share from 2011 to 2013 as the study samples,using event study method and accounting index method to analyze short-term and long-term performance of different payment method.We find that the M&A performance in different payment method have significant difference.When they choose cash payment,the significant positive results can be obtained in short term and long-term performance don't have a increase tendency until the third year.However,when they choose stock payment,short-term performance of M&A varies insignificantly,while the long-term performance increase in the current year and then decrease significantly in the following years.We further find that capital structure is the main influence factor of performance improvement using stock payment in contrast with cash payment.The innovation of this paper not only analyzes the direct influence of different payment method on M&A performance,but also analyzes the interactive influence of payment method and capital structure on it.At the same time,This article considers other influencing factors and improves the rationality of the article.