Research On M&A Performance Of Listed Companies From The Perspective Of Network Of Internal Director Connection

Previous studies have shown that the phenomenon of directors' connection is very common among Listed Companies in China,at present,as the two entirely different results of the research on the relationship between directors' connection and M & A performance,only Tian Gaoliang et al.has carried on the thorough analysis to these two opposite research conclusions,and think that the effect of director network on M & A performance,which depends on the interaction of information communication and agency conflict.However,this paper does not study the impact of the director network on the M&A performance from the two aspects of information advantage and agency conflict,and after a large number of literature research,we found that the existing research is based on the one-way theory and put forward relevant hypotheses about the influence of directors' connection on M&A performance: either from the perspective of information transmission and communication,assuming the directors' connection has positive influence on the performance of M&A;either from the perspective of agency conflict intensified,assuming the directors' connection has a negative impact on the M&A performance improvement,but none of them had made further examination on how the influence of directors' association on M&A performance is formed.In addition,some studies have shown that there is no significant positive correlation between the independent directors and the M&A performance of the company.Therefore,this article explore the impact of the internal directors network on M & A performance based on both the information superiority and the agency conflict,and verify that the existence of the internal directors' connection will increase the information advantage of the main M&A party and thus increase their M&A performance,at the same time,the main merger's M&A performance will also be aggravated by the main merger's agency conflict has been reduced.Based on idea of complex networks,the paper uses the method of literature research and study on the accounting index,a shares Chinese all listed companies from 2011 to 2016 the merger transaction data as the research object,to explore the influence of the A shares of listed companies on mergers and acquisitions from internal directors connecting one of the M & A performance.And the results of empirical tests on Chinese listed companies show: the view of "The existence of the internal directors connection between the two parties will exacerbate the existing agency conflicts of the main merger and have a negative impact on the M&A performance improvement" is more in line with the actual situation of China's listed companies.Finally,this paper puts forward some theoretical suggestions on the social network construction of the internal directors and enhancing the M&A performance of the main merger,in order to lay the foundation for future research.