Research On The Impact Of Three Kinds Of Shareholders On The Value Of Mergers And Acquisitions

The complex product structure and unstable ownership structure of the three types of shareholders make the China Securities Regulatory Commission strengthen the supervision of the new three-board enterprises with three types of shareholders.Through observation,it is found that the proportion of three types of shareholders in A-share market has increased in recent years.Therefore,this paper studies the impact of three types of shareholders on the value of M&A in A-share market from the perspective of M&A.Based on the theory of three types of shareholders and related literature on M&A,this paper studies the impact of three types of shareholders on the value of M&A from two aspects: the results of M&A and the process of M&A.Empirical research shows that three types of shareholders are conducive to enhancing the value of M&A,but also make the behavior of M&A more cautious.Among the three types of shareholders,the contractual fund is conducive to enhancing the value of M&A,and the impact of capital management plan and trust plan on the value of M&A is not obvious.In addition,this paper further comes to the conclusion that contractual funds negatively affect short-term M&A performance by influencing M&A behavior(whether related to M&A and the scale of M&A).According to the research results,this paper provides some suggestions for regulatory authorities,three types of shareholders and enterprises.