Research On The Influence Of Equity Nature And Institutional Investor's Shareholding On M&A Performance

In recent years,under the influence of the socialist market economy with Chinese characteristics,under the continuous promotion of the government and the market,the merger and reorganization activities of enterprises have played an important role in the economic development of our country and have been carried out in full swing.Many state-owned enterprises and other equity-based companies have chosen to achieve strategic breakthroughs through mergers and acquisitions and maximize their own resources.However,looking at the subsequent business development of domestic and foreign M&A companies,there are not many companies that have ended in failure.Judging the outcome of a company's mergers and acquisitions,it is of research significance to use the M&A performance as a measure.The final results of mergers and acquisitions conducted by companies are related to a number of factors.Institutional investors occupy a very important position in the capital market.Institutional investors that participate in shares also play a decisive role in the company's investment and business decision-making(eg M&A activity).Different types of equity companies have more obvious differences in their internal governance.Therefore,there are obvious differences in the mechanisms and motives of M&A behaviors.Therefore,this article will study the M&A performance from the perspective of the institutional investor's shareholding and equity.This article takes M&A activity as an entry point and selects two influencing factors: institutional investors and the nature of equity to study the effect on M&A performance.We hope to continue to make contributions to the reforms of state-owned enterprises and the implementation of the reform of non-tradable shares,the increase of foreign investors,and the improvement of external governance and supervision systems.This article selects the M&A sample of A-share listed companies during 2013-2015 as the research object.It intends to use factor analysis to measure M&A performance to study the changes in M&A performance before and after M&A,and the difference between state-owned and non-state in M&A performance.Then through multivariate linear regression method,the equity nature,institutionalinvestors,and the intersection items of the two are gradually added in the regression model to gradually study the impact of the two on M&A performance.This article uses the proportion of institutional investors holding shares,its restrictions on the largest shareholder,and the number of types as proxy variables.The study verifies that the performance of state-owned enterprises in mergers and acquisitions is significantly higher than that of non-state-owned enterprises.The performance of mergers and acquisitions has increased significantly with the increase in the share of institutional investors,especially in non-state-owned enterprises.This article is divided into five chapters to discuss,the first chapter is the introduction,mainly discusses the research background and the research significance,summarizes the related research literature,and constructs the research framework.The second chapter describes the relevant theory and puts forward the hypothesis of this paper.The third chapter selects the research sample,sets the variables,and measures the performance of the merger and acquisition by factor analysis,and constructs the hypothesis model.The fourth chapter descriptive statistics and regression analysis of the model.The fifth chapter conclusions and recommendations based on empirical research results.