Empirical Study On The Impact Of The Corporation Internal Governance On The Performance Of The Overseas M & A-the Data From Chinese Listed Companies

The overseas M & A become a trend for Chinese companies. "Whether the overseas mergers and acquisitions affect corporate performance? How the internal governance affect performance of overseas M & A?" The questions are increasingly referred to in decision-making agenda.The main research results are as follows:First of all, this paper adopts single-factor analysis of variance to analyze whether the overseas mergers and acquisitions affect the corporate performance. The results are that after overseas mergers and acquisitions, asset profit ratio, turnover rate of circulating asset, asset liability ratio, and the rate of capital accumulation on behalf of the performance of the overseas mergers and acquisitions have significant difference comparing to that before overseas mergers and acquisitions. Thus this paper constructs the system of the performance of overseas mergers and acquisitions reflected by the four performance indicators.Secondly, the paper applies the empirical analysis to study the impact of corporate internal governance on the performance of overseas M & A.The results are as follows:1. the ownership concentration, the degree of positive balance of the equity and the largest shareholder being state-owned shares have significantly positive correlation with the performance of overseas M & A reflected by asset profit ratio and the asset liability ratio.2. The degree of positive balance of the shares, the largest shareholder being state-owned shares, the scale of directorate and the scale of the board of supervisors have significantly positive correlation with the performance of overseas M & A reflected by the turnover rate of circulating asset.3. The scale of directorate, the ratio of independent directors, the scale of the board of supervisors and the management equity scale have significantly positive correlation with the performance of overseas M & A reflected by the rate of capital accumulation.Finally, The paper puts forward suggestions that we should improve corporation internal governance to improve the performance of overseas M & A:1.Optimize the company ownership structure and appropriately increase in ownership concentration; 2. Increase the scale of directorate and board of supervisors, increase the proportion of independent directors.3. Increase the management stake.Innovation in this paper:1. The paper adopts more than two statistics measures. 2. Study on the corporate governance variable separately with four indicators separately representing for corporate profits, debt service, operation and development capacity by the empirical analysis.