Research On The Impact Of Listed Companies' M&A Payment Methods On M&A Performance

From the beginning to the gradual development and expansion of the enterprise,M&A has become an indispensable way of growth.Throughout the hundreds of years of the economic wave,those enterprises,all of whom have undergone numerous mergers,have survived,maintaining their continuous development.It is not difficult to find out that m&a is one of the magic measure for the development and expansion of these enterprises.The development of these enterprises also has a profound influence on the progress of the latecomers,and are becoming more and more active.In M&A,many aspects of the main merger company are affected by different ways of payment,such as capital structure,assets structure,ownership structure,managerial principles and strategic goals,thus impacting the outcome of M&A.Therefore,the choice and design of payment can't be ignored in M&A.In order to improve the M&A performance,it is necessary to explore the effects that different ways of payment have on M&A performance.In light of previous rigorous studies on domestic and foreign literature,the paper clearly defines relevant concepts,and summarizes the motivation theory of M&A.Based on different M&A periods,and using the main merger companies in M&A from the data of Shanghai and Shenzhen A-share market in 2013 as subjects,the paper empirically tests the performance of companies that adopt different ways of payment by means of accounting indexes.The result indicates that there do exist differences in the performance of companies that use diverse ways of payment.Specifically,it is difficult to improve the performance of M&A by cash payment.Moreover,the share payment,whose average level is higher than that of cash payment,significantly improves the post-M&A performance of companies.In the end,according to the empirical results,the paper comes up with some suggestions for guaranteeing the smooth improvement of M&A performance,such as giving priority to the payment of preferred shares,taking into account connected transactions in the first place,and improving the higher-ups'managerial ability.