Research On Influential Mechanism Of Ownership Structure On Mergers And Acquisitions Premium

In the context of industry consolidation continue to strengthen, mergers and acquisitions for the rapid development of enterprises, bigger and stronger of great significance. M & A premium mergers and acquisitions as a core element of the success of M & A has a decisive role in the ownership structure as a basis for corporate governance has a significant impact on M & A premium, this paper is aimed to study how the ownership structure as well as its impact on M & A premium mechanism.In this paper, M & A motivation theory, principal-agent theory, incomplete contract theory and liquidity discount based on the theory, build ownership structure M & A premium Theoretical Framework. With ownership concentration, ownership balancing degree, the nature of the actual control, mobility and transfer of equity stake to represent ownership structure, and used in a proportion of the largest shareholder and the proportion of the top ten shareholders to measure the concentration of ownership, use ratio of the second to the tenth largest shareholders to measure the equity balance degree, the actual controller of the state-owned to represent the proportion of the actual controller of nature, the use of the transfer of shares of the total share capital of the moratorium to measure the equity liquidity, use of transfer the proportion of shares of the total share capital of the metric transfer equity ratio, ownership structure was constructed on the impact of M & a premium mechanism regression model. In 2007--2015 China’s A-share board, small board and GEM listed companies as samples, correlation analysis and regression analysis, the use of metrology software Stata Analysis of premium and ownership concentration of listed companies being acquired when the equity balance degree, actual control of nature, the relationship between ownership and transfer of liquidity and equity ratio of mergers and acquisitions. The study found: mergers and acquisitions of listed companies are, in descending order is the extent of the premium board, small board, the proportion of the largest shareholder of the impact of M & A premium was U-shaped curve, the ratio of the second to the tenth largest shareholders, the proportion of the top ten shareholders and the transfer of shares of the proportion of all M & a premium has a negative impact on the transfer of shares when the proportion of the total share capital of the moratorium has positive impact on the M & a premium. And change in holding the secondary market compared to the transfer agreement can reduce the acquisition premium. On the board, small board and GEM companies are empirical study found that: concentration of ownership of M & A premium has a negative impact on the secondary market compared to change in holding, transfer protocol can reduce the acquisition premium.In this paper, and also the main party and the parties and provides recommendations for M & A transactions. For the main and side, choose a moderate proportion of the largest shareholder of the company, to take transfer agreement to acquire a longer lock-up period of the shares can reduce the acquisition premium. For being and side, adjust the ratio of the company’s largest shareholder, the use of the secondary market holdings of ways to improve M & A premium.