Research On The Impact Of Ownership Structure On The Performance Of M&A About Listed Company

Whether or not Merger and Acquisition (M&A) can enhance the performance of the enterprise has close relationship with perfection of corporate governance mechanism. Ownership structure is the core of the corporate governance structure , the irrational ownership structure of our country may have direct influence on the performance of M&A. So, analysis of the relationship between M&A and ownership structure of our country has real value in improvement of ownership structure and efficiency of M&A.Firstly, analysis the M&A motivation of Stakeholders based on Research at home and abroad and relative theory of ownership structure. Then, we studied the influence of ownership structure of our country on the performance of M&A based on the unique ownership structure of listed companies in our country, pointed out that the which cause the performance of M&A not good was lack of state-stock right and the agency conflicts of holders and small stock-holders because of the high ownership concentration.Secondly, based on the M&A transactions carried out in China, we analysis the BHAR, and find it is notable negative. And then we build up the regression model to test our hypotheses. Our empirical research suggests that the M&A performance are unrelated to the nature of the ownership; the M&A performance is significant related to managerial equity ownership and there is a significant decreased relationship between BHAR and the level of ownership concentration.Finally, promote policy recommendations Against Conclusion of the study.