| Domestic mergers and acquisitions increased sharply in the recent decade,acquisition and reorganization has gradually become a vital method to realize the resource allocation in capital market,but as a result of China's capital market is imperfect and merger and acquisition both sides information asymmetry,premium M&A become a merger,acquisition and reorganization of listed companies of "new normal",but high acquisition premium is not conducive to the normal development of the enterprise.With the increasing status of institutional investors in the capital market,the role of institutional investors as rational investment subjects in corporate governance is increasingly prominent.It is worth paying attention to whether the shareholding of institutional investors can affect the M&A premium of companies.Scholars at home and abroad for institutional investors to participate in a lot of research on the impact of corporate governance,but not yet form a unified point of view,at present there are mainly positive supervision,negative hypothesis and ineffective supervision hypotheses three point of view,in recent years,due to the number of institutional investors in the capital market and scale are increasing,presents different characteristics of the heterogeneous type of institutional investors,many scholars research on institutional investors are classified,and to find out the governance effect of different types of institutional investors.In addition,the governance effect of institutional investors is also influenced by internal factors of institutional investors,corporate ownership structure and governance structure and the influence of factors such as market environment,institutional investors as the shareholders of the enterprise,its stake is relatively low,the perfection of corporate governance structure and reasonable is important for institutional investors play a role of governance,innovation point of this article is from the perspective of mergers and acquisitions,studies the different types of institutional investors influence on M&A premium,to examine whether institutional investors participating in corporate governance,affect the M&A decision.In this paper,based on the principal-agent theory,asymmetric information theory,overconfidence theory and corporate governance theory,the selection of a-share listed company merger and acquisition events in 2010-2017 as sample,analyzes the different types of institutional investors holding influence on M&A premium,and discusses the corporate governance of institutional investors holding and the regulating effect of m&a premium relations,in addition to further consider the connection transaction,the property nature of the two factors.The results show that the overall shareholding of institutional investors has no effect on the M&A premium.It is found that the shareholding of transactional institutional investors is negatively correlated with the M&A premium,while the shareholding of stable institutional investors is not correlated with the M&A premium.Good corporate governance structure will promote the negative correlation between the shareholding of transactional institutional investors and the M&A premium.The shareholding of institutional investors cannot affect the M&A premium in the related M&A: The influence of institutional investors on M&A premium is more obvious in non-state-owned enterprises. |
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