关键词: 并购, 支付方式, 价格区间保护机制, 价值创造

Abstract: Collar is one of the variety payment methods in foreign M&A,and has been used more and more in recent years.Collar can mitigate information asymmetry between acquirer and target,reduce transaction costs and restrict the short selling behavior,manage the risk of M&A,so it can create value for both parties.A successful Collar design need to focus on some key factors,It depends on the user's experience and skill and the development of capital markets,and also can promote the healthy development of the M&A and capital markets.

Key words: M&A, payment method, collar, value creation