Research On The Ownership Structure Of The Enterprise Life Cycle Under The Performance Of Mergers And Acquisitions

Merger,acquisition and reorganization to the growth of the company to achieve an important strategy,its emergence and develop the capital,upgrading of he optimization and promote industrial structure,improve the market competitiveness of enterprises and so on will have far-reaching influence.In recent years,the wave of mergers and acquisitions of merger has become a focus of attention of scholars both at home and abroad to study but have not yet reached a consensus.This is largely due to the enterprise internal heterogeneity.From the enterprise itself,enterprise mergers and acquisitions motivation and m&a performance of enterprise life cycle.At the same time,due to the ownership structure affects the allocation of corporate ownership and control,is the foundation of corporate governance structure,so the reasonable ownership structure to improve the company’s merger and acquisition performance has a far-reaching influence,the research about the relation between the two will have profound significance.In this background,this article discussed the key problem is different under the life cycle of enterprise ownership structure characteristics of the impact of the performance of the company after the merger.To regulate the research combined with empirical research,quantitative research and qualitative research method of combining the,exploring the structure of equity as a corporate governance structure is the decisive factor,the different enterprise life cycle under the impact of m&a performance.First of all,for the selection of equity structure index,foreign scholars mainly from different shareholder ownership and ownership concentration from two aspects to conduct research.But our country’s situation is more special,occupies an important position in the state-owned shares,the government behavior of different level exists in enterprise merger and acquisition activity,therefore this article also probes into the proportion of state-owned shares impact on the performance of m&a.So the theory part of this article will separately from the ownership concentration and equity balance degree and the proportion of state-owned shares,three respects of different enterprises under the life cycle of the mechanism of action of ownership structure on m&a performance,puts forward the corresponding assumptions.Empirical part,this paper takes the tobin Q value as A performance evaluation index of mergers and acquisitions,to occur in the a-share listed company merger and acquisition events of 2012 as the research object,and according to certain standard screening 262 eligible a-share listed companies as research samples,using stata tools,under the life cycle of different enterprises of China’s ownership structure impact on the performance of m&a has carried on the empirical research.The empirical results show that:(1)chips are the enterprise,the proportion of state-owned shares and the increasing of ownership concentration is helpful to the performance of m&a,and equity balance degree increase will be negative impact on m&a performance.(2)in a mature enterprise,the proportion of state-owned shares and the improvement of ownership concentration will have negative effect on m&a performance,and equity balance degree increase at this time will have a positive impact on m&a performance.(3)in recession,ownership concentration will have a positive impact on m&a performance,while the proportion of state-owned shares and equity balance degree will have negative effect on m&a performance.In this paper,under the life cycle of different enterprises to study the effect of ownership structure on m&a performance,this is a new research aspect makes the results more reliable and practical.At the same time,the recommendations will help improve enterprise m&a performance,optimization of government functions,to better guide the enterprise mergers and acquisitions.