Research On The Influence Of The Different Shareholding Structure Act On The Performance Of M&A

In recent years, the rapid development of China’s listing corporation mergers and acquisitions, large influence has taken on our economic life. Mergers and acquisitions can change the performance, affect performance, but many scholars have do much research the influence took on the performance in many different aspects. In the modern corporate system, the company’s shareholding structure is the foundation, so it’s worthy of study in terms of corporate governance. While the manufacturing industry act as a measure of a country’s level of productivity index, and large numbers of mergers and acquisitions has happened in this industry. So researches on manufacturing listing corporation is also of great significance.Firstly, this paper has reviewed and summarized related literature at home and abroad.Then start from a corporate governance perspective to analyze the impact of the ownership structure on the corporate governance in ownership concentration and equity constitute, and then analyzes the equity structure impact theory, which is the theoretical basis of the relationship of the paper analyzes the shareholding structure and corporate performance of listed companies on corporate performance. Followed theory with practice, to identify the data from the "database of Tai’an",choose the acquisitions of listed companies in manufacturing industry which happened in2009as the research object, firstly use factor analysis to establish a performance evaluation system, calculated the scores of factor analysis. Put the performance scores as the dependent variable, the shareholding structure as the independent variables, combined with the equity characteristics of China’s listed companies, concluded by regression analysis of the samples. Specifically:the Z index has a significant negative effect on the performance of corporate M&A; proportion of state shares and corporate M&A performance was a significant positive correlation; the proportion of tradable shares and corporate performance is negatively correlated. Finally, this paper combining the national conditions of our country, put forward policy recommendations.