The Research On The Effects Of The Ownership Structure On The Performance Of The Mergers And Acquisitions In The Limited Companies On Small Or Medium-sized Enterprises Board

Mergers and Acquisitions are important strategy to expand production operation scale, to promote industrial upgrading, optimize the allocation of resources and capital, improve management efficiency, and achieve the growth on the value of company. In order to adapt to the development of market, Small and medium enterprises (SMEs) need to expand the scale of operation. Not only large companies can take the Mergers and Acquisitions (M&A), more and more the listed companies in small and medium board take the M&A. Listed companies in small and medium board represent the most advanced model of the SMEs. Due to limitations in the size and capital, there is a visible difference with the listed companies in main board. The ownership structure has distinctive characteristics. The majority of listed companies in small and medium board are private holding, instead of the state-controlled. The equity degree of concentration is large. Other large shareholders can take balance with the controlling shareholder. A large number of the executives hold the shares of companies. It is important to research on the relationship between the ownership structure and the performance of the M&A of the listed companies in small and medium board, and the impact on short-term and long-term performance.The studies on the M&A performance have focused on the listed companies in main board. Few study on the M&A performance of the listed companies in small and medium board, and less on the relationship between the ownership structure and the performance of the M&A.Based on the important position of the listed companies in small and medium board in Chinese economy, the research on the relationship between the ownership structure and the performance of the M&A of the listed companies in small and medium board has practical guidance and decision-making reference value, which for standardizing the management in the merger of listed companies and improving the performance of the M&A, especially for the listed companies in small and medium board.Based on the analysis of the methods and conclusions on the M&A related theory, the M&A performance, it evaluates the overall performance of the listed companies in small and medium board after completed the M&A. According to the characteristics of the ownership structure, it takes multiple regression analysis. The conclusions can provide targeted policy and recommendations for the relevant government departments, business owners and managers, promote the efficiency and rationality of the M&A, improve management efficiency.Paper can be divided into6parts:The first chapter is introduction. This part introduces the background and significance, summarizes the domestic and foreign research on the ownership structure and the performance of the M&A, clears the ideas and methods and describes the innovation and shortage.The second chapter is the theory and the literature review section. It defines the related concepts, and introduces the related theory and method.The third chapter expounds the situation and the M&A overview of the listed companies in small and medium board, analyzes the characteristics of the ownership structure and the relationship with the performance of the M&A.The forth chapter is the evaluation on the M&A performance of the listed companies in small and medium board. It takes the object with the M&A in the listed companies in small and medium board in2010. According to certain criteria, it selects13indicators of the profitability, operations, solvency, development capacity and cash flow capabilities from the financial data of2009,2010,2011and2012, which takes from96companies. And it takes M&A performance evaluation system with these indicators. Considering the changes of the composite scores of the M&A performance for4years, it evaluates the performance of the M&A of the listed companies in small and medium board.The fifth chapter is an empirical research on the impact of ownership structure on the M&A performance. It proposes hypothesis and builds regression model. This part makes the following conclusions:there is a negative correlation between the proportion of state-owned shares and short-term performance of the M&A, while a positive correlation with the long-term performance. The high ownership concentration will damage the performance in short-term, but improve it in long-term. There is a negative correlation between the equity balance ability and short-term performance of the M&A, while a positive correlation with the long-term performance. And the executive ownership takes no significant effect on the performance of the M&A.The sixth chapter is conclusions and recommendations. This part summaries the conclusion, and takes the targeted suggestions to improve the performance of the M&A.In a word, based on the theory and empirical results, this paper researches the impact of the characteristics of the ownership structure on the performance of the M&A in the listed companies in small and medium board. It analyzes the performance from a new perspective and takes related recommendations. It expands the research on the performance of the M&A and gives a help to rich theory, and has significance in theory and practice.