A Study On The Relation Between Stock Ownership Structure,Stock Ownership Nature And Mergers And Acquisitions Performance Of Listed Companies

It is one of the important pursuits of the company's operation and development to obtain economies of scale or scope through scale expansion.In terms of expansion mode,the expansion of a company can be divided into internal expansion and external expansion.Internal expansion mainly depends on long-term business accumulation of the company,and the main way of external expansion is merger and acquisition.Mergers and acquisitions(M&A)have the advantages of rapid expansion and wide expansion scope.However,due to the complexity and diversity of influencing factors,there is no consensus in academic circles on whether M&A will improve the performance of acquisition companies.Based on synergy theory,principal-agent theory,transaction cost theory and corporate control market theory,this paper defines the concept of merger and acquisition,and summarizes the related research results of ownership nature,ownership structure and merger and acquisition performance.The research object is 1643 M&A incidents of A-share listed companies in the five-year period from January 1,2010 to December 31,2014.The main research methods are factor analysis and empirical research.Using factor analysis method to construct a comprehensive score function to evaluate the performance of M&A,and to analyze the changing trend of the overall performance of the sample,and then further divide the sample into two groups,state-owned holding company and non-state-owned holding company,to make a comparative analysis of the changing trend of the M&A performance of the two groups of samples;in empirical research,using the difference of ROA between the third year after M&A and the year before M&A(ROA))This paper evaluates the long-term M&A performance of the company,studies the equity nature of the acquisition company,and the impact of ownership structure on the performance of M&A.The results show that in the long run,M&A has not achieved performance growth and improvement,and this conclusion is valid even when the samples of non-state holding and state holding are distinguished;from the nature of equity,state holding companies are negatively correlated with long-term M&A performance;from the ownership structure,ownership concentration is negatively correlated with long-term M&A performance,and equity is negatively correlated with long-term M&A performance.The checks and balances are positively correlated with the long-term M&A performance.Under the background of the reform of nontradable shares,this paper hopes to put forward some suggestions on the way of merger and acquisition and the selection of merger objects,so as to reduce the blindness and speculation of merger and acquisition and improve the long-term performance of merger and acquisition.