The Research On Motivation,Performance And Influence Mechanism Of Cross-ownership M&A In Private Enterprises

In recent years,the reform of mixed ownership system is an important strategy and realization path of China's market economy reform and development.Among them,private enterprises are the backbone of this round of economic system reform.However,academic and practical aspects pay less attention to private enterprises' cross-system ownership mergers and acquisitions.And more market voices are concentrated on the advantages,status,roles,paths and mechanisms of state-owned enterprises in the reform of mixed ownership.In the context of China's special system,private enterprises face a series of problems such as financing difficulties,single financing channels,high financing costs,and weak resource relations in the whole life cycle of enterprise survival and development,but these problems are in state-owned enterprises.The restrictions and impacts are relatively small.In contrast,state-owned enterprises usually have institutional advantages,capital and resource advantages,and talents and technological advantages.However,state-owned enterprises are weaker than private enterprises in terms of market operation,operational efficiency,and institutional flexibility.Therefore,private enterprises can realize the synergy effect by introducing capitalization through capital operation and introducing state-owned capital,that is,the effect of "1+1>2" can be realized theoretically.Based on this,this paper focuses on the merger and acquisition behavior of private enterprises in the mixed ownership reform and the development of mixed ownership.Based on the existing literature,this paper constructs the cross-ownership M&A motive,M&A performance and M&A influence mechanism model of private enterprises in China.LOGISTIC,PSM,TMM,paired sample T test,multiple linear regression and other statistical models are the support.Using the sample of cross-ownership mergers and acquisitions of private listed companies in China from 2007 to 2018,systematically study the reasons behind the cross-ownership mergers and acquisitions of private enterprises in China,that is,in-depth study Compared with private enterprises acquiring private enterprises,whether cross-ownership mergers and acquisitions will produce synergies and the mechanism behind synergies.The main contents of the full text are as follows.This paper systematically and deeply explores the core issues of this paper from the three aspects of the motivation of the private listed companies in China,the M&A performance and the impact mechanism behind the performance.First of all,this paper uses theory and empirical research to study the motive of cross-ownership mergers and acquisitions of private enterprises in China.That is,in the sample of mergers and acquisitions of all private listed companies,private listed companies with characteristics are more likely to choose to participate in or participate in cross-ownership mergers and acquisitions,and which specific effects the factors will increase the motivation of private listed companies to cross-ownership mergers and acquisitions.Secondly,this paper uses theory and empirical research to study the performance of private enterprises in China's cross-ownership mergers and acquisitions,and use the paired sample method to match each private listed company's cross-ownership M&A samples to study privately.Whether listed companies cross-ownership mergers and acquisitions will have an impact on M&A performance,and this paper conducts empirical research from the perspectives of short-term and long-term M&A performance.Finally,based on the above two conclusions,constructing cross-ownership of private listed companies in China.The impact mechanism of M&A performance is the research on the performance mechanism of all private listed companies' cross-ownership M&A samples,and empirical research from the perspectives of capital market performance and profitability.Through research,this paper has obtained the following main research conclusions.First,the listing method is relatively strong for private listed companies that are directly listed.The motivation for cross-ownership mergers and acquisitions is relatively independent.That is,private listed companies do not rely on the same industry or group behavior in the same region to appear blind mergers and acquisitions phenomenon and behavior;Second,under the TMM method,compared with private listed companies,private listed companies have a positive effect on the performance of the capital market,and are reflected in the accumulation of 6 months,9 months and 1 year after the merger.Under the PSM method,compared with the private enterprises listed by private listed companies,the cross-ownership mergers and acquisitions of private listed companies have a negative impact on the performance of the short-term capital market,and have a positive effect on the long-term capital market and profitability performance;Thirdly,when the M&A performance is measured by the performance of capital market,the impact of private listed companies' cross-ownership mergers and acquisitions on the capital market price of listed companies is usually in the long-term.Whether the cross-ownership mergers and acquisitions of private listed companies have the effect of M&A on M&A performance is not uniform.Without statistical support,but the merger by the listed company,major asset restructuring,and the listing method of the mergers and acquisitions are direct listings,both have a significant positive effect on the long-term capital market performance after cross-ownership mergers,that is,the competitiveness of private enterprises themselves.It is an important factor for the long-term growth of corporate value;when the M&A performance is measured by the post-acquisition profitability,whether the acquired company has a unified impact on the M&A performance of the listed company is not statistically supported,but the private listed company's cross-ownership merger is a related merger and acquisition.In the case of major asset restructuring and the listing method of mergers and acquisitions,the profitability of cross-ownership mergers and acquisitions companies is significantly higher than that of non-associated mergers and acquisitions,non-significant asset restructuring,and the listing method of mergers and acquisitions.Listed company M&A attributes Asset restructuring,mergers and acquisitions related,as well as their ability to have a significant impact on M&A performance.Fourth,Chinese private listed companies have synergistic effects across mergers and acquisitions,and the size of synergies is related to the nature of M&A transactions and the heterogeneity of private enterprises.The root cause of synergy is that through cross-ownership mergers and acquisitions,private listed companies realize the efficiency integration of their own resources and state-owned enterprise resources,which helps to improve the operating efficiency of private enterprises,thereby improving the company's profitability and value,and obtaining capital market investors'recognition of the person.The research in this paper not only enriches the literature in the field of China's corporate mergers and acquisitions,but the empirical results have important practical references for private enterprises,regulatory authorities,market players in the field of asset mergers and acquisitions,specialized investors,and ordinary investors.First,this paper uses the cross-ownership mergers and acquisitions of private enterprises as the entry point to study the motivations,influencing factors,and mechanism of mergers and acquisitions behaviors,which can provide theoretical and practical references for regulatory agency rulemaking and resource integration.M&A decisions provide theoretical and empirical evidence.Private enterprises can broaden the channels of capital operation,take advantage of their own marketization advantages,enhance their own operating capabilities by integrating state-owned resources,and create value for shareholders.Third,the theoretical model and empirical results from this article can provide new ideas for investor investment strategies.That is,from the perspective of cross-ownership mergers and acquisitions of private enterprises,the use of models to tap new investment opportunities and investment value.