A Study On The Impact Of Ownership Structure On M & A Performance Of Listed Companies - Classification By Associated And Non - Related Transactions

With the continuous improvement of the world economic integration, M&A is a good way to optimal allocation of resources and improve the economic benefit. Now, enterprise M&A boom across the globe. In recent years, a lot of China’s listed companies are getting involved in the M&A market, the M&A process of these companies are always at the full speed. But these companies are different from the results of M&A.The existed research results always start from the motives of M&A, as a contrast, there are few researches start from the perspective of enterprise management. According to enterprise management target, enterprise situation as well as the business cycle, the listed company always choose different ways make a M&A, these ways including the related-transaction and the non-affiliated transaction. Previous research did not systematically considering the influence of the combination of the two different types of M&A and management structure. However, this is the starting point of this article, the purpose of this paper lies in using the theory of corporate management, starting from the different transaction types of M&A, empirical analysis the relationship of ownership structure and M&A performance of listed companies in an accounting method.The paper sets manufacturing industry listed companies in China as the research object, and the paper select 120 companies who had got a M&A affair in 2011.According to two period before the M&A and the current period of the M&A as well as the two period later of the M&A, the total of five period of sample period (2009-2013), the paper respectively analyzes the impact of the majority shareholder ratio of the company and the equity restriction ratio of the company as well as the attribute of the actual controller of the company to the company performance in related-transaction and non-affiliated transaction.In order to ensure the objective of the research, this paper has selected the data of M&A strictly. The paper eliminate a lot of interference data, for example,this paper eliminate the company who happens affaires more than twice a year to avoid the affection of different types of transactions makes to the result of the article. The article eliminate the abnormal financial data of the listed company, too.The article using the research method which combining the theoretical analysis and empirical research. The article sets six research hypotheses by theoretical ratiocinating and the actual situation consideration. The related research model of the article is established according to the research hypothesis and the article use the unbalanced panel data with spss21.0 to make a regression analysis to test the possibility of the research hypothesis.The result of the article shows that, in non-affiliated transaction affairs, the majority shareholder ratio of the company is significantly positively correlated with the short-term company performance.while the majority shareholder ratio of the company is significantly negative correlated with the long-term company performance. In non-affiliated transaction affairs,the equity restriction ratio of the company is significantly positively correlated with the short-term company performance, while the equity restriction ratio of the company is significantly negative correlated with the long-term company performance. In both types of M&A, the attribute of the actual controller of the company is significantly uncorrelated with the company performance.The innovation point of this paper is dividing the type of M&A into two different types.It is concluded that the ownership structure in different transaction types may play a different role. This article makes a supplement to the previous researches as well as conforms to the business environment of china, so the research has a certain guiding significance to the reality.