在并购的过程中 ,支付方式是决定并购能否成功的一个重要方面。目前国内并购中出现的支付方式主要有两种 :一是现金支付 ,二是资产置换。我国的上市公司基本上是由国有企业改制而来。由于国企的资本金严重不足、资本储备率低 ,导致了企业的资产负债率偏高 ,由 1980年的 18.7%上 In the process of mergers and acquisitions, the payment method is to determine the success of mergers and acquisitions is an important aspect. At present, there are mainly two kinds of payment methods that appear in domestic M & A: one is cash payment, and the other is asset replacement. The listed companies in our country are basically transformed from state-owned enterprises. Due to a serious lack of capital in state-owned enterprises, the low capital reserve rate has led to the high gearing ratio of enterprises, from 18.7% in 1980