Ownership Structure,Institutional Environment And Diversified M&A Performance

The issue of diversified mergers and acquisitions has always been the focus of attention in academia and practice.In recent years,diversified mergers and acquisitions despite the endless stream,but there are still many unrelated to the emergence of mergers and acquisitions.At present,most scholars mainly study the impact of internal corporate governance on the performance of diversified mergers and acquisitions,but there are fewer scholars from the external governance how to influence the internal ownership structure and the relationship between the performance of diversified research.Therefore,this article mainly from this aspect of the article to carry out research.Firstly,This paper analyzes the impact of different ownership structures on the performance of diversified mergers and acquisitions from the perspective of the ownership structure in the internal governance structure of the firm.At the same time,the introduction of the external institutional environment of the mediation variables,a comprehensive study of how the external environment in which the impact of ownership structure and the relationship between diversified performance.On the basis of combing the relevant research literature,this paper puts forward the corresponding hypothesis.By selecting the three typical indexes of the ownership structure and the measurement indexes of the control variables and the explanatory variables,the model is constructed and the regression analysis is carried out,and the following conclusions can be drawn: the appropriate ownership structure can improve the performance of the diversified mergers and acquisitions.And the ownership concentration,the proportion of management shares and the performance of diversified mergers and acquisitions were positively correlated.That is,the improvement of corporate governance structure,to enhance corporate value.At the same time,the empirical results show that the perfect external environment can help improve the performance of diversified mergers and acquisitions.Moreover,a sound external governance environment can mitigate the impact of ownership structure on diversified M & A performance.Therefore,strengthening the construction of the governance environment in various regions is conducive to the improvement of the performance of diversified mergers and acquisitions,so as to provide relevant policy recommendations.