Empirical Research On The Impact Of Ownership Structure’s Performance Of M&A About Listed Company In China

Since the US “subprime mortgage crisis” impact on domestic companies in2008, the scale ofthe M&A market in China has been steadily growth trend, especially the climax in2011. Althoughthe listed companies actively involved in the wave of M&A, the merger will bring to the companybusiness performance of ascension or not is worthy of academic and stakeholders to consider. Asthe owners of the company, shareholders have ultimate authority over M&A, their shareholdingproportion and identity properties directly affect the quality and quantity of company M&A, so thisarticle start from the ownership structure to analysis of the impact of the M&A performance. Theresearch conclusion has important practical significance on perfecting corporate governancestructure and improving the M&A a performance.This paper uses the language description and analysis of data, and combined with theoreticalsupport and empirical test. First the article cites a large number of relevant research literatures athome and abroad. secondly elaborates on the ownership structure and M&A on the basis of relevanttheoretical support, then analyzes the ownership structure of the mechanism of the M&Aperformance of listed companies and made assumptions for the research. Empirical part, based on46listed companies in2008as research samples, with net assets income rate as the performanceevaluation indicators, using the least squares method. Carries on the empirical test on the property,managers equity shareholders and ownership concentration.Through analysis getting the following conclusion: the shareholding proportion of state-ownedshares and M&A performance negatively correlated; Legal person share ownership and M&Aperformance were positively correlated; Managers "stake or not" positively related to the M&Aperformance; Ownership concentration is negatively related to the M&A performance significantly;Equity checks and balances performance have a significant role in improving the M&A. Finally, incombination with research conclusion and the company on the basis of the actual situation in ourcountry, on the perspective of the relationship between ownership structure and M&A performanceof listed companies how to improve the performance of reasonable Suggestions were put forward.