上市公司并购支付方式研究

摘    要
上市公司并购活动中，并购支付是实现交易的关键环节，关系到并购双方的利益。不同的并购支付方式对并购双方的财务影响各异，支付工具选择适当与否，不仅关系到并购策略的实现还会显示出不同的并购信息价值，从而影响到并购市场的运行，甚至决定并购交易是否能够成功。
有鉴于此，致力于完成三项任务。首先，对并购的相关概念进行界定。其次，分析了上市公司并购支付方式选择的现状，继而阐述了选择并购支付方式的影响因素，在考虑并购目的的基础上，对并购双方合理选择并购支付方式提出了对策。最后，全面分析联想集团收购IBM并购支付方式的案例，根据案例分析的结果论证支付方式的选择对并购取得成功的重要性。

关键词：并购；并购支付方式；现金支付
Listed Company Merger and Acquisition Method of Payment
Abstract
Listed company merger and acquisition activity, M & a payment is the key link to transactions, mergers and acquisitions of the interests of both sides. Different payment methods in M & A of both the financial impact of different means of payment, selection of appropriate or not, is not only related to the merger and acquisition strategy implementation will show different M & a information value, which affects the M & a market operation, and even decide the success of M & a transactions.
In view of this, to complete three tasks. First of all, on the acquisition of the relevant concept. Secondly, analysis of the listed company merger and acquisition payment options present situation, then discusses the choice of payment method of influence factor, in considering acquisitions based on purpose, for M & a reasonable choice of payment method put forward countermeasure. Finally, a comprehensive analysis of Lenovo 's acquisition of IBM payment method of case, according to the analysis results prove the payment way of merging the importance of success.

Key words: Merger and Acquisition; Method of Payment; Payment in Cash

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