M&A has great influence on corporate governance based on the theory and empirical research. Chinese-listed companies face the problems of corporate governance including : insider control , the weak independent of board of directors and lack protection for minority stockholders etc. And the debtors can not have great influence on corporate governance. The article analyses the characteristic of Chinese capital market at first ,and choose 166 samples for empirical research based factor analysis . After that , we use Wilcoxon -Rank Test to analyses different groups. The empirical research stated that M&A can improve the corporate governance of target companies ,and if the target companies changed control-nature through M&A, the results are more remarkable. |