Empirical Study Of Listed Companies M&A Premium Factors Affecting In China

Along with the economic system reform and the development of capital market,especially since the reform of non-tradable shares, the corporate control market inChina is in ceaseless development and forming process. Market for corporate controlas an important external governance mechanism, has attracted extensive attentionfrom all walks of life, also became one of the highlights in agro-scientific research inthe academic circles at present. M&a premium problem is an important part ofcorporate control market research. Research of m&a premium, mainly inspectscompany’s controlling shareholder through transferring the control gain controlprivate benefits, the purpose is to solve modern company agency problem betweencontrolling shareholders and minority shareholders. Shleifer and Vishny (1997)pointed out that in the highly concentrated ownership structure, the interests of themanagers’ behavior is no longer seriously, the company is mainly the agency problembetween controlling shareholders and minority shareholders conflict of interest.Overflow problem based on the comb and m&a on the basis of related literatureat home and abroad, the first use of market for corporate control, controllingshareholders hollowed behavior, such as mergers and acquisitions motivation theory,theories analysis and put forward research hypothesis; Then, the selection of2009~2011years before and after the equity division reform of60control transfer of listedcompanies in China as the research sample, using regression analysis method theempirical testing of the controlling shareholders of listed companies and itsinfluencing factors of control transfer premium. From descriptive statistics,60samples of a maximum of company control of the transfer premium rate reached183%, the average premium rate is27.11%, show that the m&a of listed companies inChina generally high premiums. Look from the regression analysis results, the targetcompany scale, the proportion of share transfer, the target company one year beforeroe positively related to the acquisition premium; Board size, independent directors is negatively related to the acquisition premium; Compared with other control attributescontrol of state-owned shares transfer premium rate is relatively low; Finally, mergersand acquisitions of value in the form of m&a premium there is no significant impact.Full-text is divided into six chapters:The first chapter is the introduction, first introduced the paper selected topicbackground and significance, China’s merger and acquisition has the characteristics ofdiversity, full of Chinese characteristics. Mergers and acquisitions market in China isin rapid development in recent years. In recent years, our country listed companym&a premium levels have also risen sharply, the problem will be influence ourcountry listed company m&a premium efficiency of mergers and acquisitions,mergers and acquisitions after the value of the direction of the important indicators.Illustrates the acquisition premium is private benefits of control of mergers andacquisitions, company exterior governance is beneficial to study it. Secondly thispaper briefly introduces the paper’s research methods, finally, illustrates theinnovation of the article.The second chapter is literature review, first, introduces the situation of foreignliterature, the earliest foreign scholars mainly through mergers and acquisitions createvalue theory to explain the m&a premium. Today most of the studies of m&a abroadis m&a motivation as the center. Then introduces the research situation of relevantliterature in our country, our country the study of m&a premium mostly control theory,market, financial analysis of the three angles.The third chapter is the theoretical analysis and hypothesis is put forward, firstintroduced the control of the company involved in the study of empty theory,motivation theory and m&a theory. And according to the theory of article sevenhypotheses are put forward. Of seven variables were involved in the target companyscale, the proportion of share transfer, the target company’s return on net assets,transfer of the previous year to pay the price form, characteristics, board size, thenumber of independent directors.Chapter four for the model design, mainly about the sample selection methodand procedure, and establishes the research model, the model variables involved inthe meaning of a detailed explanation. The fifth chapter is the empirical results and analysis, descriptive statistics wascarried out on the sample data in the first, for mergers and acquisitions of companieshas the characteristics of general analysis, and find the possible correlation betweenvariables of correlation analysis, the results found two pair of variables significantlyassociated. Through the regression analysis was carried out on the two models get theempirical resultsChapter six conclusion and shortage, for research on just the results of theanalysis, we know that the target company scale, the proportion of share transfer, thetarget company before the year return on net assets acquisition premium is related, theboard size, the number of independent directors is negatively related to theacquisition premium, state-owned shares of stock transfer premium rates tend to below, and the merger consideration it has little influence on m&a premium in recentyears. Finally, the author puts forward the research limitations and deficiencies.