The Impact Of Payme Nt Methods On The Performance Of Internet Merger And Acquisition

The Internet industry is one of the government vigorously advocated.For Internet companies,in order to stabilize the market and seek long-term development,mergers and acquisitions is the top priority of investment and business activities.With the continuous development of the Internet market,in the new wave of mergers and acquisitions,mergers and acquisitions in C hina's Internet companies from the number and size of the rapidly growing trend.For Internet companies,how to improve corporate governance in a comprehensive manner to achieve the best M & a payment,in order to improve the efficiency and performance of the merger and acquisition of the Internet,is an urgent question to be answered.The paper defines the concepts of M & A,systematically reviews the domestic and foreign scholars in the study of the performance of mergers and acquisitions,combined with the control right,the "incentive effect" and "entrenchment effect" first off mechanism analysis and hypothesis;secondly,according to certain standard from 2012 to 2014 the Internet selected 192 mergers and acquisitions for listed companies the object of study,to explore the factors of corporate governance(the proportion of the first largest shareholder,the proportion of managerial ownership,independent directors of the board structure and the ratio of the number of payment)on the choice of Internet companies;in addition,the use of financial indicators,selected 9 financial indicators to measure the company's profitability,solvency,operating capacity,assets cash flow capacity and development capacity of five as basic data,constructs t he factor analysis model to measure the performance,comparative analysis of different The difference between the performance of mergers and acquisitions payment;Furthermore,from the perspective of corporate governance,based on the study of the main effect of different payment methods on the performance of Internet enterprises M & A,and further study the interaction between payment method and corporate governance on the performance of Internet enterprise M & A performance.Finally,through the empirical analysis of data,the following conclusions:Compared to the stock payment,the proportion of the first shareholder is higher,the merging party will choose to pay by cash will be higher;compared to the stock payment,the proportion of managerial ownership is low,the merging party will choose to pay by cash will have more.However,there is no significant correlation between the proportion of independent directors and the choice of payment methods.Compared with the cash payment,the performance of Inter net companies is poor,and the impact of the use of cash + stock on the performance of Internet companies is not significant.Compared to the cash payment,mergers and acquisitions when the proportion of the first shareholder is higher,the better the performance of mergers and acquisitions stock payment;mergers and Acquisitions Management shareholding ratio is low,the stock payment,stock + cash acquisition performance are better;independent director institution ratio is low,the better performance of mergers and acquisitions stock payment.Compared with the cash payment,the proportion of the largest shareholder,the proportion of independent directors in the board of directors in the stock + cash payment on the impact of the performance of mergers and acquisitions did not pass the significance test.Empirical analysis shows that the higher proportion of the largest shareholders of Internet companies prefer to pay the real cash;compared with cash,the stock payment also can improve the performance of mergers and acquisitions;mergers and Acquisitions Management shareholding low Internet Co,in reality tend to choose the stock payment,this paper also verifies the choice of stock indeed,can make a significant increase in the performance of mergers and acquisitions of companies.There is no significant correlation between the independent directors of the board structure and the proportion of payment,but for the independent directors of the board structure of low proportion of enterprises,compared to the cash payment,the better performance of mergers and acquisitions stock paymentThe innovation of this research is as follows: Firstly,it studies the influence of corporate governance on the choice of payment method,and explores how the different payment methods and corporate governance will affect the performance of Internet companies' M & A performance from the perspective of corporate governance.Second,the previous study more concerned about the corporate governance factors in the proportion of the largest shareholder holdings and the proportion of management stake in the choice of payment options,this study increased the corporate governance of independent directors in the proportion of the board structure of this variable On the choice of payment options.