The Empirical Research On The Relationship Between Ownership Structure And Mergers And Acquisitions Performance

Along with economic development,mergers and acquisitions first appeared in the United States,and the scale and scope of the acquisition has expanded.1980s,China adopted the reform and opening up,mergers and acquisitions can constantly adjust the economic structure,and improve the efficiency of resource allocation to meet the demands of rapid economic development.From the microscopic point of view,M&A can expand the size of the company,result in economies of scale,and improve the company's competitiveness.As a result,it is important to research on China's economic development M&A are important.Because the ownership structure determine the shareholders,board of directors,board of supervisors,members of management layers,and have an impact on the behavior of the directors,supervisors and senior management,M&A performance,so the ownership structure is the foundation of the company's internal governance mechanisms.Scholars generally study ownership structure to study the factors affecting the performance of M&A,but there is not the same conclusion.The reason probably is that they just focus on internal governance mechanisms.According to Theory of Property Rights,The degree of competition is the external factors that affect corporate performance.Ownership structure is the internal factors that affect corporate performance.Competition and ownership structure possible interaction effects on performance.Especially in China,the market continues to open up,and different levels of competition for different supervision and motivation of the Company ultimately affect the correlation between ownership structure and M&A performance.Therefore,this article studies the impact of ownership structure on M&A performance from the perspective of competition in the industry.This paper presents the assumptions about relationship between ownership concentration,management stake,the controlling shareholder of property and M&A performance,along with the level of competition to improve.In this paper,the acquisition of the company for the period 2010-2013 occurred as samples,and comprehensive performance are computed using principal component analysis.First,performance differences are used as M&A performance.Second,descriptive analysis about M&A performance,the degree of competition in the industry,ownership structure.Last,Built models are built to study.The results are:M&A performance first increases and then decreases,competitiveness improves M&A performance of state-owned holding company,effects on ownership concentration in Different competing are different,and managerial ownership has no effect on M&A performance.This paper presents some suggestions:establishing a sound platform for M&A transactions,promoting competition in the market,considering the competition to adjust the concentration of ownership,and improving equity incentive system.