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并购是企业资本经营的重要手段。在并购财务规划中,必须重视对支付方式的选择。本文从分析影响并购支付方式的主要因素出发,比较不同支付方式的财务影响,认为,从现实和可能出发,在未来一段时间内,我国的公司并购以混合支付为宜,且大多数应以股票或债务支付为主,现金支付只适用于规模较小的并购。
Mergers and acquisitions are an important means of corporate capital management. In the financial planning of mergers and acquisitions, we must pay attention to the choice of payment methods. This article starts with an analysis of the main factors affecting M&A payment methods and compares the financial impacts of different payment methods. It is believed that, starting from reality and possible, in the coming period of time, China’s corporate M&A should be mixed, and most of them should be stocks. Or debt payment is the main method, cash payment is only applicable to smaller scale mergers and acquisitions.