| In recent years,with the rapid development of the capital market and the introduction of the government support policies,institutional investors have developed rapidly and become the main role of the capital market.As one of the important ways of enterprise development,merger and acquisition is more and more frequently,not only in scale and quantity,but also in the quality.However,can institutional investors really improve M & A performance is still unsolved.Different scholars have adopted different methods to study this.Some scholars believe that institutional investors use their professional knowledge and rich experience to monitor corporate governance,and then improve the performance of M & A,while other scholars believe that institutional investors are reluctant to participate in supervision because of the management's non cooperation or the low share of their decentralized investment,and more willing to invest directly in corporate governance enterprises.It will not affect the performance of M & A.Some scholars believe that institutional investors will benefit from Management Alliance and ultimately damage the performance of M & A.This paper argues that this difference is due to differences in the types of institutional investors.This paper attempts to take the target enterprises as an example,and select the case of Ping An of China acquisition of Shanghai Jahua tostudy the impact of institutional investors on the performance of M & A.In terms of structure,this paper expounds the background and significance of the research firstly,and introduces the literature of relevant scholars on three aspects which about institutional investors' development,institutional investors and M & a performance,merger and acquisition conformity and M & A performance.Secondly,this paper defines Relevant basic concepts and theoretical basis,including the classification of institutional investors' heterogeneity.Finally,after introducing the process and the result of M & A,this paper analyzes the theory and the short-term performance and long-term performance in three aspects,including financial and non-financial indicators.Through research,this paper has the following conclusions: First,strategic institutional investors can improve M&A performance.Second,financial institutional investors can significantly reduce M&A performance.Third,the success of M&A integration will also significantly affect M&A performance.Therefore,enterprises need to carefully select target companies before conducting mergers and acquisitions,and conduct detailed due diligence.Institutional investors should change their investment philosophy and conduct value investment.They should abandon short-term speculation,pay attention to long-term performance and long-term development of enterprises.Finally trying to be a strategic institutional investor rather than a financial institutional investor.After the completion of the merger,you should conduct integration of mergers and acquisitions carefully,and strictly abide by the commitment to achieve long-term performance improvement.The innovation of this paper is to classify institutional investors before they conduct research on institutional investors,and divide them into strategic and financial types.The same literature has used institutional investors as a whole to carry out various researches.Different,and from the perspective of case study,to study whether institutional investors can improve the performance of mergers and acquisitions and the reasons in the process of mergers and acquisitions,that type of institutional investors can improve the performance of mergers and acquisitions,how to turn institutional investors who can notimprove the performance of mergers and acquisitions into Institutional investors in M&A performance.It is hoped that through the study of these issues,we will guide the way companies now rationally choose the way and direction of mergers and acquisitions,enhance the performance of mergers and acquisitions,and maximize the value of enterprises. |
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