Performance, Earnings Management And Ownership Structure Factor Of Related-party M&A

For the historic reasons, on Chinese stock market, Related-party M&A in listed companies are widespread now. To research Related-party M&A has not only high academic value but also has enormous social applications. The empirical study on listed companies which have Related-party M&As in 2002 wants to discuss these problems below:(1) Is the performance of the companies which sale assets and transfer equities to related party improving?(2) Do the companies which have Related-party M&As have earnings management behaviours in M&A process?(3) Are there some relations between Related-party M&A and the ownership structure of Chinese listed company? There are four Chapters as follows:Chapter 1: Introduction to Related-party M&A. This chapter discusses the definition of Related-party M&A, form of Related-party M&A and existence reason for Related-party M&A. Then, this chapter illustrates the value of this research.Chapter 2: Overview of literature. This chapter include three parts: overview of literature on Related-party M&A performance, overview of literature on earnings management in Related-party M&A, overview of literature on ownership structure factor which influence Related-party M&A.Chapter 3: Empirical research. Firstly, the section explains the research design. It describes the test variable and the testing hypotheses, explains the measurement of the M&A performance and the earnings management. Secondly, the section presents the results of the study. They include descriptive statistics, estimates of the target performance around and after merger announcements, estimates of earnings management, the association between the monetary amount of Related-party M&A and the ownership structure.Chapter 4: Conclusion and suggestion. This chapter summarizes the empirical findings. Besides, some policy suggestions and some limitations are mentioned.