The Nature Of Property Rights,Mergers And Acquisitions And The Risk Of Stock Price Crash

In recent years,market regulators and investors in the capital market have paid close attention to the economic and social problems caused by the sharp fall of stock prices,and academia has also paid great attention to and discussed the causes and influencing factors of the stock price crash.China's stock market is relatively short,information disclosure is not timely and complete,listed companies are facing a higher risk of stock price crash,which will not be conducive to the long-term development of the company.At the same time,in the current domestic capital market environment,industrial optimization,integration and upgrading,mergers and acquisitions of listed companies enthusiasm,and showing a rapid growth trend.The main reason why M&A is increasingly supported and encouraged by the supervisors in China is that it can more effectively promote the optimal allocation of resources,improve the governance structure and correspondingly improve the company's value.At the critical moment when the reform of mixed ownership of state-owned enterprises enters the critical stage,mergers and acquisitions and reorganization have become an important driving force for the reform.Therefore,this paper explores the relationship between the success of M&A and the risk of stock crash,and provides more realistic research results and relevant suggestions.This paper takes the 2008-2017 A-share company data as a sample and uses the Hausman test method to study the impact of successful mergers and acquisitions on the stock price collapse risk,and whether the impact of merger success on the stock price collapse risk is different under different property rights.And the mediation effect model is used to analyze the path of M&A success in the stock price crash risk.Finally,the problem of sample self-selection is solved by propensity score matching method,and the robustness of the research results is verified by Cluster adjustment method.This paper puts forward hypotheses through literature review and theoretical analysis,then carries out empirical test and analysis,and finally draws conclusions and suggestions.This paper draws the following conclusions through research: Firstly,the success of M&A will reduce the risk of stock price crash.Secondly,in non-state-owned enterprises,the successful M&A has a greater impact on reducing the risk of stock price crash than state-owned enterprises.Thirdly,successful M&A reduces the risk of stock price crash through financial performance: successful M&A reduces the risk of stock price crash by increasing the return on net assets,the return on total assets and the net interest rate on sales.Fourthly,in asset acquisition type M&A events,the success of M&A plays a stronger role in reducing the risk of stock price crash.Fifthly,in enterprises with high earnings manipulation or low turnover rate or high asset-liability ratio,the success of M&A has a more obvious effect on reducing the risk of stock price crash.There are three contributions in this paper:Firstly,it enriches the research literature on the influencing factors of stock price crash risk.At present,the domestic literature on stock price crash risk mainly focuses on the internal factors such as the proportion of major shareholders and the nature of controlling shareholders.This paper opens up the research perspective of stock price crash risk.Secondly,it enriches the theoretical literature on M&A performance.At present,the research on M&A performance mostly focuses on the impact of M&A on corporate financing constraints,agency costs and executive compensation.Only a few studies on M&A goodwill and stock price crash risk.This paper is the first time to study M&A success behavior and stock price crash risk,which provides a new way to study the influencing factors of M&A performance,and helps us from the market to the market.We should further understand the increasingly active M&A in China.Thirdly,based on the unique institutional background of China,this paper provides some valuable research conclusions.It has certain significance for preventing and defusing financial risks in China,promoting the stable development of national capital market and reducing the risk of stock price crash.