The payment pattern of Merger and Acquisition: an empirical analysis from China's listed companies

摘要

As the main component element of Merger and Acquisition, tbe choice of payment pattern has been paid more and more attention. All participants of Merger and Acquisition realizes that the design and choice of payment pattern have significant impact on the M & A, and directly affect the Shareholder's income, M & A price and financing strategy. In order to test the relationship between the short-term market performance and the choice of different payment pattern, this paper collected the M & A activities in China's listed companies from the year 2005 to 2007, and divided them into five kinds of testing data according to the different payment patteren. Moreover we made several suggestions on the listed companys' M & A payment pattern according to tbe empirical results.