Publisher: Edp Sciences
E-ISSN: 2261-2424|25|issue|02005-02005
ISSN: 2261-2424
Source: SHS Web of Conferences, Vol.25, Iss.issue, 2016-04, pp. : 02005-02005
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Abstract
Aiming at studying the impact of different payment methods on MA 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 MA performance in the overall regression. Further grouping regression shows that, for enterprises of mature industry, if they use cash payment terms in the MA 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 MA 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 MA 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 MA performance.
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