Research On The Impact Of Independent Directors On Diversified Mergers And Acquisitions Of Listed Companies

Under the background of the current macro-kinetic energy transformation and upgrading,many listed companies have implemented diversified mergers and acquisitions strategies.However,due to the complicated implementation process and the low information transparency of diversified mergers and acquisitions,there have been incidents in which shareholders have invaded and occupied the interests of enterprises through diversified mergers and acquisitions.In order to curb the diversified mergers and acquisitions of shareholders for the purpose of seeking private profits,on May 27,2017,the CSRC promulgated the "Several Provisions of Shareholders and Directors of the Listed Companies to Reduce Shareholdings" to strengthen the restrictions of independent directors on the company's shareholders and executive behavior.In addition,most of the independent directors have a certain background of professional knowledge and social background,which can effectively guide the company and provide superior resources.Therefore,it is of great significance to study the influence of independent directors on the diversified mergers and acquisitions of listed companies and the internal mechanism to further improve the internal governance and diversified strategic decisions of corporate companies.This paper uses a combination of theoretical research and empirical research.Firstly,based on the double principal-agent theory,human capital theory and information asymmetry theory,this paper demonstrates the influence mechanism of independent directors on the decision-making and performance of diversified mergers and acquisitions from the perspectives of independent directors' supervision function,consulting function and resource provision function.Secondly,based on theoretical analysis,the relevant assumptions of independent directors on the impact of diversified mergers and acquisitions are proposed,and the measurement indicators are further established to construct a regression model.Afterwards,the 2013-2016 mergers and acquisitions events of listed companies were used as samples to conduct empirical tests,and the research results were obtained.The countermeasures were proposed based on the independent director system and the diversified mergers and acquisitions strategy.It is found that the independence of independent directors is negatively correlated with diversified M&A decisions and positively correlated with diversified M&A performance in terms of supervisory function of independent directors.As for the advisory function of independent directors,the financial background of independent directors is negatively correlated with diversified M&A decision-making,positively correlated with diversified M&A performance,and the legal background of independent directors is negatively correlated with diversified M&A decision-making,and positively correlated with diversified M&A performance.In terms of the function of independent directors' resource provision,the political connection of independent directors is positively related to diversified M&A decision-making and performance,while the network connection of independent directors is not significantly related to diversified M&A decision-making and performance.On the one hand,the conclusion of this paper enriches the theory of independent director function and diversified M&A behavior.On the other hand,it can help listed companies to further improve the independent director system,standardizing diversified M&A behavior,and protect the rights and interests of small and medium-sized shareholders,so it has important practical significance.