Research On The Evolution Of M&A Payment Means Of China’s Listed Companies

Looking at the course of world economic development,mergers and acquisitions have played a significant role in capital concentration and upgrading of industrial structure in developed countries such as Europe and the United States.At present,China’s economy and society are in a new normal state of slowing growth,structural adjustment,and power conversion.The demand for M&A activities of enterprises has also continued to rise.More and more listed companies begin to expand and strategically transform their M&A activities.M&A payment is the last and most important part of M&A activity.The rationality of M&A is directly related to the overall performance level of M&A activity and even success or failure.As an integral part of China’s M&A market,M&A payment methods also have a direct impact on the efficiency of M&A markets in China.Due to the late start of China’s M&A market,China’s M&A payment methods have presented simplifications and non-market-oriented shortcomings.This has also seriously hindered the development of M&A activities in China and is not conducive to China’s economic and social development.Faced with huge market demand and backward supporting systems,the diversified evolution of M&A payment methods has become the key to breaking the bottleneck in the M&A market.In the analytical framework of neo-classical economics,the enterprise is like a"black box" and a certain amount of input will yield a certain output.This hypothesis provides great convenience for theoretical research but ignores entrepreneurs as corporate decision makers.Its subjective initiative may have an impact on M&A payment decisions.Based on the perspectives of evolutionary economics and institutional change theory,this article starts with entrepreneurial spirit theory and attempts to clarify the intrinsic link between entrepreneurial behavior and the evolution of M&A payment methods.And by constructing an evolutionary game model for the evolution of enterprise mergers and acquisitions payment methods,it intuitively clarifies the evolution mechanism of entrepreneurial decisions to promote merger and acquisition payment methods.It is believed that the choice of corporate merger and acquisition payment methods is essentially the result of entrepreneurs making optimal choices to the market environment.When the market environment changes,existing payment methods cannot meet the needs of corporate mergers and acquisitions,the entrepreneurial spirit of innovation exists.It will encourage companies to carry out independent innovation in the choice of M&A payment methods and complete M&A activities through new payment means.Successful innovations will attract the attention of other companies and learn and imitate them.Through repeated learning and repeated trial and error of numerous companies on the market,new payment methods will be stabilizedBased on the theoretical research and the evolution of the game model,combined with the evolution of M&A payment methods in China,this paper proposes related policy recommendations.The key to promoting the diversified evolution of M&A payment methods in China is to encourage and promote the entrepreneurial spirit.Through rational design of the system,the entrepreneurial spirit of entrepreneurial entrepreneurship will be brought into play to encourage entrepreneurs to make"bottlenecked inputs" in corporate M&A payment decisions.Improve and stabilize the related supporting policies for M&A activities,reduce the risk of innovation in M&A payment methods,thereby promoting the diversified evolution of M&A payment methods and promoting the development of M&A markets in China.