| With the continuous acceleration of China's economic development,Chinese enterprises continue to accelerate the transformation of economic structure,pay more attention to the improvement of industrial product layout,expand market share,and are committed to increasing the influence of enterprises overseas.In this economic environment,corporate mergers and acquisitions are extremely competitive in terms of accelerating corporate transformation and increasing market share,so they have become the preferred strategy for more companies,and listed companies mergers and acquisitions have gradually become The main theme of the capital market.At the same time,in order to expand overseas competitiveness and overcome various domestic and foreign differences,some enterprises have adopted various means to carry out overseas mergers and acquisitions,injecting new vitality into the development of enterprises.However,the overall performance of overseas M & A transactions has been poor,and many reports have pointed out that the overall success rate of Chinese companies' overseas M & A is low and their profitability is not satisfactory.Considering the large size of foreign companies and the need for more funds,the success or failure of the M & A financing method selection and implementation often also determines whether the M & A transaction is successful and whether the company's performance after the M & A meets expectations.Therefore,how to quickly obtain financing,reduce financing costs and risks,and plan the financing structure reasonably have become important issues that the main M & A enterprise needs to consider in order to achieve performance goals.However,the domestic and foreign researches on the impact of financing methods on corporate M & A performance are mostly focused on the theoretical and data analysis level.There are few analysis on specific cases,and there is a lack of specific measures with more practical guidance.This article sorts out the theoretical results of domestic and foreign corporate mergers and acquisitions,performance analysis of mergers and acquisitions,and financing method selection.It briefly categorizes and introduces the selection of corporate merger and financing methods.At the same time,it collects relevant information from the case company Qumei Household.To analyze the existing problems of corporate M & A performance,through combing the M & A process and combining the existing theoretical research results,this article finally analyzes in detail from the perspective of corporate financing method selection,and finally puts forward targeted suggestions.Case studies show that Qumei Home has completed the financing of this M & A activity more effectively through leveraged mergers and acquisitions,equity pledges,and financing replacements.However,the company has a certain risk of control change and has undertaken great financial risks..At the same time,combined with the current performance evaluation of Qumei Household,the effect of Qumei Household's financing methods was comprehensively analyzed.It was concluded that although Qumei Household's merger and acquisition activity was more successful,there was greater fluctuation in short-term financial performance and higher financial risks.Post-merger performance and coordinated development have a greater negative impact.Finally,through a specific analysis of Qumei's choice of financing methods,it puts forward some suggestions for improving the choice of financing methods.The purpose of this article is to analyze the impact of existing financing theories and M & A financing methods on the performance of post-M & A companies,to study the case of Qumei Home M & A,and to analyze the choice of financing methods adopted by the company in the process of M & A and the post-M & A results.Performance issues,improve overseas M & A financing theory,and provide some empirical evidence for the choice of financing methods for overseas M & A of listed companies in the future. |
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