并购支付

并购支付方式资本市场比较及影响因素述评

Choice of Payment Method in Mergers and Acquisition and its Determinants

以现金作为对外并购支付方式时，财富获得也越多。

And shareholders wealth will increase with payment in cash .

上市公司并购支付方式的比较研究

Comparative Study of Listed Company M & As Payment Medium

企业并购支付方式与融资方式选择问题研究

Research of the Choice of Financing and Payment Method in Mergers and Acquisitions

几十年来，学术界就并购支付方式相关问题的研究已取得了一些进展。

And for decades , some progress has been made in this field .

公司并购支付方式的比较、选择及创新

The Means of Payment in Corporate Merger : Comparisons , Choices and Innovations

我国上市公司不同并购支付方式的绩效实证研究

An Empirical Study on the Performance of Different Payment

并购支付方式对企业国际竞争力的提升无显著作用。

Payment of the M & A has no significant role on international competitiveness .

第二部分：企业并购支付方式及其相关问题。

PART TWO : The payment modes and other issues in the M & A.

公司控制权、信息不对称与并购支付方式

Corporate Control , Information Asymmetry and the Method of Payment for Mergers and Acquisitions

对我国上市公司管理者过度自信对并购支付方式和并购绩效的影响进行了实证研究。

We made an empirical research on the overconfidence effects on M A payment-method and M A performances .

同时还论述了与并购支付相关的两个主要问题&目标公司价值评估和企业并购融资，尤其对杠杆融资进行了重点介绍。

Other two subjects & the value of estimation to target enterprise and the finance especially the lever finance between them are analyzed .

该部分介绍了并购支付方式的种类，支付方式的选择及其对并购价格、公司财务战略等方面的影响。

Such as the types and choice of payment modes , and the affect to the price of M & A and financial strategy are included .

由于股权分置等原因，我国上市公司并购支付方式单一，大部分是现金支付，不能适应并购业务快速发展的需要。

Because of equity division , payment methods adopt by Chinese companies in their M & A practices are single . Cash payment is the main payment manner .

虽然我国目前并购支付手段还比较落后，但是随着我国企业制度改革的全面深化以及证券市场的进一步发展与完善，股票支付方式将成为实施并购的一种重要支付方式。

Although we ignore the payment modes now , with the propulsion of enterprise reform and development of capital market , the share payment will play a more and more important role .

但是我们一般不会对那些我们必须提供很多东西的并购支付大价钱，因为我们通常无法提供很多东西。

But we will not normally pay a lot in any purchase for what we are supposed to bring to the party-for we find that we ordinarily don 't bring a lot .

该部分在对国内外支付方式进行比较的基础上，重点对可供我国借鉴的并购支付方式，特别是对换股并购与递延支付收购等作了详细地介绍和分析。

The part firstly compare different payment modes , and then provide a thorough introduction and analysis to these payment modes from which we can learn such as stock-changing annexation and deferred payment purchase .

本文将并购支付方式划分为现金支付、股票支付、承债支付、资产支付以及混合支付五种支付方式，较为深入地分析了每种支付方式的特点。

Payment methods in this thesis are divided into cash , stock , assumed liabilities , assets and mixed payments , in the section details of the features of each payment will be talked .

实证结果表明，受自身能力和外部环境制约，我国上市公司主要依赖短期负债为并购支付进行负债融资，这给收购方带来了额外的财务风险。

The results of tests verify that listed companies make use of short debt as a main debt resource for M & A payment , which bring up extra financial risk to the bidder .

研究结果表明，不同的并购支付方式对并购绩效确实存在着显著不同的影响，无论是在并购公司的短期绩效还是长期绩效方面，股票支付方式都优于现金支付方式。

The results of the study show that different payment methods really have significantly different effects on corporation performance , the share payment is superior to cash payment on both short-term and long-term performance .

企业并购的支付方式和筹资问题探讨

Exploration on the Payment Manner and Financing in Enterprise M & A

第五章研究了企业并购的支付方式和并购的财务风险问题。

Chapter Five studies the mode of payment and the financial risk of merger and acquisition .

外资并购的支付成本是外资并购活动中的关键。

The payment cost of the mergers and purchase of FDI is the key for mergers and purchase of FDI .

其中，换股合并指的是以股票作为企业并购的支付手段，从而达到控制或者影响其他企业的目的。

Convertible merger is defined to achieve the control or influence of other enterprise by means of stock as payment of mergers and acquisitions .

其次，研究了并购的支付方式的选择，主要对有关支付方式选择的影响因素、经验数据及决策分析方法进行探讨。

Secondly , this part introduces the theoretical explanation of payment type and explores elements influencing the M & A payment , and researches the decision .

自2012年以来，世界上最大的一些放款机构裁减了它们在亚洲的投资银行职位，裁减幅度最高达15%。与此同时，亚洲客户为并购业务支付的较低费用，与西方这一费用的差距已经扩大到10多年以来的最大水平。

The world 's biggest lenders have cut up to 15 per cent of their Asian investment bankers " jobs since 2012 as the gap between lower deal fees paid in Asia and those paid by western clients grew to its widest level in more than a decade .

关于跨国并购几种主要支付方式的分析比较

Analysis and Comparison of Payment in International Merger

最后介绍税收对公司并购模式和支付方式的影响。

Finally introduce the impact on type and means of payment which the company merges of the tax revenue .

第三部分对我国企业在并购中的支付方式和融资方式进行了理论与实务研究。

Section 3 probes into some financial theories and practices about financing and payment method in the MA of China 's enterprises .

并购方愿意支付的并购协同溢价取决于国有企业的资源、产业地位、发展前景以及并购双方的讨价还价能力等非财务因素。

The premium that the buyers are ready to pay in M & A depends on the resourses , industrial standing , development prospect , and so on .