Ultimate Property Right Theory, Characteristics Of Right And M&A Performance

International empirical research on performance of corporate mergers and acquisitions for more than 30 years. and the domestic discussion of the M & A performance are mostly based on traditional corporate governance theory and formed with the framework of the agency cost analysis. However, the company does not meet the reality of traditional management theory to describe the environmental characteristics, in particular the capital markets in their own unique system background, the decision on M&A Performance Analysis of the traditional framework and approach is not fully applicable to our analysis of the M & A mechanism and operating performance, or at least not fully revealed its performance. Therefore, to search for an economic hypothesis to explain the performance of our listed companies which is more compliable to the real governance features (mainly in the governance of big shareholders) , and to test it by using empirical data as to make an objective and comprehensive assessment of the M & A performance in China's capital market, is not only deepening the theoretical and empirical studies on the academic value, but also helps to guide decision-making and optimize the economic stakeholders in a practical sense.Based on China's capital market in the ownership structure and control systems and other special background, the new enterprise governance theory and research paradigm, built a paper based on the "Ultimate Property Right Theory" for the analysis of M&A of listed companies in China and efficient mechanism of the theoretical framework that is the ultimate controller of features and performance of the M & A correlation analysis frame work. In this way, empirical data on the use of China's securities market, using factor analysis, regression analysis, non-parametric tests, such as statistical analysis of mergers and acquisition in the company's overall performance before and after the change, and control characteristics and the relationship between changes in overall performance, the system proved. The innovative research results mainly are:(1) To introduce and develop ideas on Ultimate Property Right Theory and ultimate control of the resulting structural changes in the agency cost and features a complete analysis framework, the formation of a new interpretation of the performance of China's M & A theoretical framework and perspective.(2) inspected the M & A market's overall performance. Found on the entire merger market, M&A occurring in the first year, or one year and two years after the merger, despite the acquisition of listed companies led the overall company performance to improve performance.(3) Put out and tested the property right incentive effects of the ultimate control exist or not, and also showed the special features of agency costs. The empirical results show that : ① performance of listed companies after the merger with a company changes...