Study On The Ownership Structure,M & A Time And Firm Value Based On The View Of Controlling Rights Transference

M&A is an important strategy for enterprise expansion,a study on variables leading to acquisitions and economic consequences is a hot topic in capital market research field.The formation of the M&A boom in Chinese listed companies is inseparable from the shareholding system reform of state-owned enterprises.The reform has prompted the circulation of state-owned non-tradable shares,which has led to a greater concern about the impact of company operation on share price movements of capital market,and the M&A has gradually become an important strategy for large shareholders to develop enterprises.At the same time,medium and small investors and institutional investors are more active in stock investment.Chinese capital market has developed and improved rapidly,which has promoted the emergence of the M&A boom.It can be seen that the M&A is affected by the internal factor ownership structure and external factor market economy.Therefore,the present thesis combines the ownership structure with the timing of the M&A in a research model framework,and further analyze the relevance of the M&A activities and corporate value in Chinese capital market,for the purpose of meaningful academic research results.In the processes of merger and acquisition,the mode of acquisition is the business chain linking the whole M&A activity.The present thesis attempts to study along a technical route that the ownership structure affects the control right,and then affects the way of the M&A,and finally affects the company value.On the basis of principal-agent,the tunneling mechanism and the risk dispersion mechanism of large shareholders,the present thesis makes an empirical test on the control right transfer M&A samples of Chinese listed companies from 2009 to 2013,by constructing a composite ownership structure characteristic variable system,combining with the single variable grouping difference test and a multivariable regression analysis.It is found that the characteristics of ownership and the constraints between equity ownership affect M&A decisions through the characteristics of M&A transactions,and there are obvious differences between the wealth effects created by different M&A decisions.It is particularly important to choose the best timing of M&A when there are certain objects and ways.The timing of M&A depends on the market economy environment.Good economic environment can reduce risks and transaction costs.The market economy influences the M&A through the valuation mechanism and transaction cost mechanism.The present study establishes a multi-level market economy environment characteristic variable system,and combines the methods of correlation analysis and multiple regression analysis to examine the relationship between M&A environment and the M&A timing,as well as the impact of M&A timing on company value.It is found that the economic cycle and the level of capital market are the reasons for the formation of the M&A upsurge in China.At the same time,the research shows that the income of the capital market and the currency liquidity have significant positive effects on the company value,but the interest rate has a significant negative correlation to the company value.In addition,the study also shows that the company's financial characteristics,internal control factors have some impact on the results of mergers and acquisitions.