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With China's rapid economic growth, the industry is gradually opening up, the rise of the middle class, a huge consumer market, China has become a hot spot for mergers and acquisitions. In 2006, China's share reform basically completed, and realize the full circulation, which will allow the shareholding structure of the market is beginning to show the decentralization trend, will also further reduce the valuation of the market, making the company's M \u0026 A costs are reduced, and in This full circulation market environment will change the M \u0026 A market to participate in the main value orientation and motivation greatly improve M \u0026 A performance, these are cleared the way for mergers and acquisitions. \formally implemented, greatly push forward the process of marketization of the Chinese market, mergers and acquisitions. Of mergers and acquisitions in recent years, showing a trend of increasing scale, which requires a much larger acquisition of funds, the importance of the issue of financing has become increasingly prominent. Different way of financing, how much of the amount of financing, the level of cost, the size of the risk and financing channels open up and smooth flow or not a considerable extent determine the effectiveness of the M \u0026 A activity, thereby affecting mergers and acquisitions can achieve ultimate success. This study focused on the comparison of the performance of M \u0026 M \u0026 A financing, the purpose is to get through the empirical relationship between the two, to be helpful in future mergers and acquisitions of enterprises. First article on the M \u0026 A financing concepts to be defined, and acquisition finance theory of signal transmission theory as the theoretical basis of this article. The status of financing tools currently used in mergers and acquisitions, and our M \u0026 A financing were introduced, and the reasons for this situation are discussed. In the empirical stage, according to the actual situation of samples collected, selected M \u0026 A events of China's listed companies in 2006 as the object of study, obtained a total sample of 83, due to the listing announcement detailed acquisition finance information, so the sample is divided into raised the capital financing samples (31) and non raise funds to finance the sample (52), and select the peers in the industry is not corporate mergers and acquisitions as the control group, get 59 samples. The use of factor analysis and regression analysis, research and analysis, the following conclusions: different types of financing that will bring a different M \u0026 A performance. M \u0026 A performance is less than equity financing, mergers and acquisitions M \u0026 A performance using other financing, and mergers and acquisitions debt financing and M \u0026 A performance positively correlated negatively related to internal cash financing capacity of the M \u0026 A performance. Finally, according to the research findings, and the causes of the analysis.
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