The Research On M&A Performance Of Manufacturing Listed Companies Based On The Perspective Of Shareholders Network

With the five wave of M&A initiated by western countries,M&A have become an important means for rapid resource integration and diversification.Since China's first merger and acquisition in 1984,the M&A of Chinese enterprises has reached the third stage and reached a high time in 2015.At present,there are many ways to study the performance of M&A,mainly for quantitative analysis of financial indicators before and after M&A,such as event study and accounting research.In recent years,some scholars will research into the social network,with the social network theory as the factors influencing the performance of M&A of listed companies,who believe that the network location and M&A performance in social network has important relationship.Social network theory holds that the social network structure is composed of numerous individuals or organizations' economic activities,so any transaction will be affected by various factors in the network.Existing literature about the relationship between social network and M&A performance study focused on regional network,directors,executives,and political network,CEO and board member network impact on the performance of M&A,but few study on related literature from the perspective of shareholders coupling network.As the important stakeholders,the management decisions of listed companies are decided by shareholders' meetings and the decision making and performance of M&A has important influence.Therefore,it is of great significance to study the impact of shareholder relationship network on the performance of M&A.At the same time,looking at the literature about the performance of M&A in China,we analyze the financial indicators mainly from a static perspective before and after M&A,but lack the exploration from the perspective of social network.Combined with the notable characteristics of the current situation of China's manufacturing enterprises shareholder connection,this paper will explore the influence ofmanufacturing enterprise network centrality on M&A performance from the perspective of shareholder connection network.The selected sample is 2010~2016 listed company in Shanghai and Shenzhen A share listed in the manufacturing industry.After a rigorous screening,79 valid samples were obtained.Combined with the characteristics of M&A of listed manufacturing companies in China,the influence of shareholders connection on M&A performance as the research center,with the nature of property rights,whether related trade,industry correlation between the three factors,respectively,analysis of the relationship between state-owned enterprises and non state-owned enterprises,related party transactions and related party transactions,M&A within the industry and cross industry enterprise M&A by three factors in the shareholder network center connection degree and the performance of M&A.By means of theoretical analysis and empirical analysis,descriptive statistics and multiple regression analysis of sample data were carried out by using statistical software SPSS19.0.In this paper,through empirical research analysis found that:(1)In the shareholder connection network,the higher the network centrality is,the more effective information embedded in the network location,and the performance of M&A is better.(2)In non state-owned enterprises M&A,M&A of government intervention is relatively small enterprises,enterprises can freely choose acquisition target,according to the market price of M&A reasonable estimate of price.Therefore,it is easier for the enterprise to play the advantage of the network position in the joint network of shareholders,that is,the higher the center of the enterprise network,the better the performance of the merger and acquisition.(3)Compared with the related party transactions,the non related transactions price is determined by market economy,and the factors of human intervention is relatively reduced.Therefore,the higher the corporate network center is,the richer social resources can be acquired,and the more professional information,the more conducive to the improvement of M&A performance.(4)Shareholders in the industry will know more about the industry related information,and expand their connections to expand their social networks and get more information.Therefore,the better the M&A enterprises in the same industry,the higher the network centrality of the shareholders,the better the performance of the M&A.