中文摘要：

文章从信息不对称理论出发，结合中国并购活动中的关联性特征，研究支付方式对收购公司股东收益的影响。选取我国上市公司收购非上市公司的569个事件为研究样本，采用事件研究法进行实证分析。实证结果表明股改后中国并购交易中收购公司股东获得正的超常收益；采用股票支付时收购公司股东收益显著为正，而现金支付对收购公司股东收益没有显著影响；关联并购比非关联并购能够为收购公司创造更大收益，关联并购中股票支付的股东财富提升更为显著，但是对于股权高度集中的收购公司就没有显著的正财富效应。

英文摘要：

This paper studies the relation between method of payment and return of acquirer, based on asymmetric information theory, considering M＆A with related party. Selecting 569 acquisition events of unlisted companies acquired by listed companies, we empirically study the acquirer return using event study method. The results show that the shareholders of acquirer earn a positive wealth effect in the acquisition for private target. The acquire returns are significantly positive with stock payment, while cash payment has no significant impact on acquirer returns. Related party acquisitions create greater returns than non-related acquisitions. And using stock payment in related party acquisition is generally associated with higher returns, while this effect is non-existent when the acquirer has a high ownership concentration.