The Ownership Structure, The Marketization Process And The Enterprise M&A

In recent years, with the rapid development of economy globalization and the arrival of information era, there have been more and more mergers and acquisitions occurred in the world. Some enterprises improve their market competitive ability through M&A. The M&A can optimize the use of economic resouces , adjust the structure of the industries and benefit the enterprises'long-term development. Meantime, our courtry gradually integrate into the economy globalization, and the state-owned enterprises'reform has been gradually deepened. The M&A sharply increase in most industries in our country. In this background, it is imperative for us to research M&A of our country's enterprises. The research purposes of this article is to analyze the effection on M&A of the ownership structure and the index of marketization, then put forward to measures to analyze the superiorities of the listed companies, in order to help the companies to improve their core competitive abilities through M&A.This article researches with both theory and demonstration method. It analyzes the relationship between the ownership structure and the Chinese listed companies'M&A, it also researches the relationship between the index of marketization and the Chinese listed companies'M&A. It selects the listed companies as examples and quotes the data from 1998 to 2006 in China's stock market. This research selects the ownership structure, the index of marketization as independent variables,and it establishes the regression models and carries on the analysis.The main conclusions of the article are followed: Firstly, the ownership structure notably effects the Chinese listed companies'M&A, including the M&A quantity and M&A amount. Secondly ,the index of marketization also notably effects the Chinese listed companies'M&A quantity and M&A amount. Lastly the M&A probability of the state-owned companies is lower than the non-state-owned companies,and the rise of the index of marketization promotes the M&A.As the article's conclusion ,our country should promote the marketization, at the same time, the listed companies should optimize the ownership structure, exploit financing tools in order to take full advantage of M&A, then improve the companies'core competitive power.The article has six chapters.Chapter 1 is the prolegomenon. This part introduces the research background, the purpose and meaning of research, the basic theories and concepts in this article.Chapter 2 is the review of the literatures. This part introduces the literatures about the motivation of M&A and the effection of ownership structure on the M&A.Chapter 3 is the research hypothesis. This part brings forward to the hypothesis of this research according to our country's systems and related literatures.Chapter 4 is the research design. This chapter introduces the source of the samples, the models, and the definition of the variables in the demonstration research.Chapter 5 is the results of the demonstration research. According to the correlation analysis and regression analysis in SPSS with the data of the samples, this part finds out how the ownership structure and the index of marketization affect Chinese listed companies M&A performance.Chapter 6 is the conclusion of the article. This part introduces the conclusion of the research, brings forward to the policy advices to improve listed company M&A performance. Based on the influence factors of M&A performance, this part puts forward to the measure of improving M&A performance, then points out the limitation of the research.