Research On The Influence Of The Payment Methods On M&A Performance Of Chinese Listed Manufacturing Companies

The manufacturing industry is an important industry in China.In the critical period of transformation and upgrading,the manufacturing enterprises need to improve their core-competitiveness to survive and finally expand themselves in the transformation.As an important method for the development of enterprises,mergers and acquisitions play an increasingly important role in promoting China's manufacturing industry's upgrading and the competitiveness‘ improving of enterprises.In the acquisition activities,it is vital for for the acquiring firm to choose the payment method.What's more,the enterprise of different life cycle stages is also different from each other in the financial characteristics and operating characteristics,which will also affect the choice of payment methods.Therefore,it is of great significance to.analyze the impact of China's manufacturing industry's payment methods on the M&A performance combing with the enterprise life cycle theory.Based on the 2011-2014 Chinese manufacturing listing Corporation A shares data,this thesis trying to analyze the impact of the merger payment methods on the M&A performance combing the theory of enterprise life cycle.Firstly,based on the life cycle theory and previous research results,this thesis analyze the mechanism of the impact of payment methods on capital structure and control structure and the capital structure and control structure on M&A performance.Then analyze the mechanism of the impact of payment methods on M&A performance in different life cycle and then propose the hypothesis.Secondly,referring to the previous enterprise life cycle division method,drawing income plotted trend chart of the sample's calendar year sales before merger.Then comparing it with the enterprise life cycle and sales diagram,making the division of sample enterprises to different life cycle,which is convenient for the subsequent empirical analysis.What's more,establishing a financial performance evaluation index system of listed companies in manufacturing industry combined with the four aspects of financial performance evaluation.Through factor analysis of the sample data,construct the comprehensive score model of factor analysis and then calculate the comprehensive score value of the performance factor before and after M&A.After that,establish the regression model with the changes in the amount of performance value after the merger as explanatory variables,the payment methods as explanatory variables and the ownership property of the enterprise and so on as the control variables.Finally,carry out the general descriptive statistical analysis and descriptive statistical analysis of single variable in different periods for the sample data.And then,regression analysis is carried out on the sample data at different stages of life cycle according to the grouping for examining the effect of different payment methods on the performance of M&A in different life cycle.The following conclusions are obtained in this thesis:(1)Payment methods have a significant impact on the M&A performance.The effects that the difference between the year of M&A performance and the previous year before,the difference between the first year after M&A performance and the previous year before,the two years after M&A performance and the previous year before have on the M&A performance have passed the test of significance.(2)In the growth stage of the enterprise,it is better to choose the cash payment methods than the stock for the M&A performance.(3)In the mature stage of the enterprise,it is better to choose the stock payment methods than the cash ones for the M&A performance.(4)In the stage of decline,the M&A performance that choose the stock payment methods is better than the cash payment methods.(5)It is verified the relationship between payment methods and the performance of M&A in different life cycle by grouping of regression tests,and the significance of each index is not the same.(6)The results of multiple regression in the life cycle were basically consistent with the descriptive statistics.