SHS Web of Conferences
Volume 25, 2016ICITCE 2015 – 3rd International Conference on Information Technology and Career Education
|Number of page(s)||7|
|Section||Economy and technology|
|Published online||22 April 2016|
The effect of different payment methods on M&A performance - An empirical analysis based on the panel data of Shanghai and Shenzhen A-share market
College of Economics in Yangtze University, Jingzhou, Hubei, China
* Corresponding author: firstname.lastname@example.org
Aiming at studying the impact of different payment methods on M&A performance, this paper conducts empirical research using panel data of 2009--2013 Shanghai and Shenzhen A-share Market. The results show that, the difference of payment terms does not have a significant impact on the M&A performance in the overall regression. Further grouping regression shows that, for enterprises of mature industry, if they use cash payment terms in the M&A activity, their shareholders’ earning power is significantly lower than other enterprises, but the profitability is significantly lower, and if they use stock payment terms in the M&A activity, their operating capacity is significantly higher than other companies; for enterprises of growing industry, whether they use cash payment terms or not has no significant impact on the M&A performance, and if they use stock payment terms, the profitability is significantly higher than other enterprises; for enterprises of recession industry, the difference of payment methods does not affect the M&A performance.
Key words: payment methods / M&A performance / event-queue / industry life cycle / empirical analysis
© Owned by the authors, published by EDP Sciences, 2016
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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