Management Power,Ownership Structure And Corporate M&A Performance

M&A has been a hot topic in the capital market,but in reality many mergers and acquisitions because of the problems of control management is serious,but failed to achieve the desired effect,and as the key foundation of enterprise management,management power,related research less attention.Based on principal agent theory,this paper chooses management authority as the research object,analyzes the management control of corporate merger and acquisition activities,and puts forward some measures to solve the problem.In theory,the effects on Application of corporate merger theory and principal-agent theory,and in practice,for the company to make merger decision,how to protect the interests of shareholders and provides some guidance in acquisition.In In 2013 the Shanghai and Shenzhen Stock Exchange listed company completed two acquisitions events as the research sample,the main use of empirical research method,the main and long-term performance of mergers and acquisitions as explanatory variables,and the management of the company and will be the main power as explanatory variables,through empirical analysis,the influence of managerial power on long term performance of mergers and acquisitions and the company.At the same time,the moderating effect of the relationship between the ownership concentration and the nature of the equity is the moderating effect of the relationship between the two.Empirical studies have found that the management authority has a negative impact on the long-term performance of the company's long-term mergers and acquisitions.The impact of ownership concentration on the negative impact is inhibited.The nature of state-owned shares will strengthen the negative impact of management power on the performance of the main and the company's long-term mergers and acquisitions.At the same time,under the condition of state owned property rights,the moderating effect of ownership concentration on the relationship between managerial power and the performance of corporate mergers and acquisitions.Based on the conclusions of empirical research,this paper suggests:(1)corporate shareholders should pay attention to the principal-agent problem in the corporate merger and acquisition,and the prudent decision making.(2)the rational allocation of management authority,the company's shareholders should strengthen the management of the supervision,and actively play an important role in independent directors.(3)to maintain an appropriate degree of ownership concentration,and increase the degree of balance of ownership.(4)the state-owned assets management unit of the government at all levels should be in the process of merger and acquisition of state-owned enterprises,from the perspective of corporate governance and Party governance,and the merger and acquisition of state-owned enterprises seriously.(5)to establish an effective capital market,improve laws and regulations.Hope that through the relevant measures to improve the behavior of corporate mergers and acquisitions in the principal-agent problem,improve the long-term performance of mergers and acquisitions,so that mergers and acquisitions has truly become an important means of enterprise development and the way.