美国论文字体：股票购买交易
然而，如果在合并策略时不提倡交易的特性，那么它可能不会为性能带来任何好处。简而言之，只有当M和A的特征以适当的方式对齐时，它们的效果才能被认为是积极的。
美国论文字体：股票购买交易
另一个特点是所涉及的融资。根据Faisal(2010)，这也是一个重要的指标。他们从不同的角度研究了这一特点，得出的结论是，融资方式并不重要。这是因为它不涉及性能的变化(Shukla和Gekara, 2010)。根据Laabs和Schiereck(2001)的研究结果，有人认为，当收购方使用股票进行支付时，收购方业绩的变化基本上较小。还有人指出，结果对合并是否包括投标报价或谈判合并并不敏感。这些结果与Faisal(2010)以及Laabs和Schiereck(1997)的研究一致。实证研究总体表明，投标人和被投标人的股价对现金收购反应积极。现金支付似乎带来了正面性质和正面业绩的回报，而一般而言，研究表明长期业绩为零或为零。股票购买导致低优势的原因可以通过负面信号的影响给出。用股票进行收购融资的机构，往往会向市场发出股票是否被高估的信号。这导致了对价格的负面影响。解释股票购买交易导致更好的业绩的另一个基本考虑是，现金交易对目标公司具有直接的税务责任。这通常着眼于高溢价形式的薪酬(Laabs和Schiereck, 2010)。
美国论文字体：股票购买交易
However, if the strategy is incorporated without advocating the characteristics of the deal, then it might not result in offering any benefit for the performance. In brief, the effects of M and A can be considered as positive only when their characteristics align in an appropriate fashion.
美国论文字体：股票购买交易
Another characteristic is the financing involved. This is also an essential indicator according to Faisal, (2010). They have investigated the characteristic from a diverse perspective and came to a conclusion that the way in which deal has been financed does not matter much. This is because it does not involve change in performance (Shukla and Gekara, 2010). According to the findings obtained from Laabs and Schiereck (2001), it has been suggested that changes within performance are essentially smaller for situations where the acquiring organization made payment with stocks. It was also pointed out that results do not have sensitivity on whether the combination included offer based on tender or a merger based on negotiation. The results were in alignment with the research obtained by Faisal (2010) as well as Laabs and Schiereck (1997). The empirical research overall indicated that the share prices of the bidders and the ones targeting responded positively to a takeover of cash. It seemed that payments of cash resulted in returns of positive nature and positive performance whereas in general the studies suggested a long term performance which was null or zero. The reason for stock purchases leading towards low advantages can be given through the effect of negative signalling. Organizations which finance acquisition with stocks indulge in sending signal to the markets on whether stock has been over valued or not. This leads towards an effect of negative nature over the price. Another essential consideration to explain that stock purchase deals lead towards better performance is that transactions of cash entail a tax liability of immediate nature over the targeted firms. This often looks at compensation in high premium forms (Laabs and Schiereck, 2010).
