Research on the Correlation between Payment Methods of M&A and M&A Performance of Listed Company

Abstract

As mergers and acquisitions of listed companies have become increasingly active, payment methods of M&A have also increasingly diversified. This article takes M&A cases of listed companies in china capital market as samples during 2009 to 2013. Taking financial indexes analysis and factor analysis, we can construct M&A performance comprehensive score model, by which we can calculate the score. Then, build multiple regression model to study the relation between the performance of M&A and payment methods of M&A. Studies indicate that M&A performance is stable by the cash payment method and the cash payment method has a small effect on the M&A performance; M&A performance improves obviously by the stock payment method and mixed payment is not conducive to the improvement of long-term performance; The stock payment method has a huge positive effect on the M&A performance, and the mixed payment is not beneficial to improve the M&A performance.