The Research On The Influence Of Ownership Structure On The M&A Performance Of Listed Companies In China

With the development of the market economy and the progress of reform, The mergers and acquisitions(M&A) has become an important economic measure of many enterprises to realize strategic expansion and optimal allocation of resources. For M&A itself, as an external mode of operation in the company, whether it will affect corporate performance, is still not sure; And in the terms of the ownership structure, as an internal governance mechanism, whether it will influence enterprise performance, in what way have an impact on its, it has not been clear and consistent conclusion in academia at present. So, the research on the relationship between the ownership structure and the M&A performance has important significance for the choice of the M&A policy, the improvement of the internal corporate governance structure and the develop ment of securities market.Based on the principal-agent theory, property rights theory and transaction cost theory a, the paper analyzed that how he equity structure have the influence on the performance of M&A. Then taking 257 companies as the research sample, which listed in A Shares of Shanghai or Shenzhen and M&A occurred in 2008, applying event study method-BHAR(Buy-and-Hold Abnormal Returns) model to evaluate the M&A performance, and in combination with descriptive statistics, apply the multiple regression model to analyze the impact of ownership structure on M&A p erformance. Then coming to the following conclusions: The ratio of management shareholding has no influence on M&A performance; The proportion of state-owned shares plays a remarkable negative impact on the short-term and long-term M&A performance; Legal person share proportion has no obvious effect on short-term performance, but a significant positive influence on long-term performance of M&A; Ownership concentration has a significant negative impact on sthort-term and long-term M&A performance; Equity balance degree plays a significant positive influence on short-term and long-term M&A performance.Furthermore, according to the empirical results, this paper proposes some effective suggestions from some aspects, such as the improvement of institutional environment, the internal corporate governance structure and the acquisition means, in order to promote the perfection of corporate governance and optimize the market allocation of resources, further to improve the performance of M&A of listed companies.