Empirical Research On China Enterprise Group Of Integration In Perspective On Corporate Governance

This paper selects January1,2005-2010on December31of the Shanghai and Shenzhen both A shares and Hong Kong stocks listed on stock exchanges, as well as some private enterprises integrated part of enterprise group case, in accordance with the financial industry, non-financialsector, select100cases for analysis. As the financial crisis,2008-2010of case increased the number of M&A integration, although this is to select data for the year2005-2010, but the case is still a lot of data in2008-2010, the statistics in this paper, ten were selected from three angles cases, national integration and cross-border integration, the use of spssl7.0, linear correlation and regression analysis of the main corporate governance and the relationship between enterprise integration, and thus for the correlation between their topics from the domestic part of this enterprise groups the current situation of the integration to corporate governance as the main line through a lot of empirical research on the acquisition of large enterprise groups, and after the integration of the existing common personality problems, draw large enterprise groups in the larger environment of the global economy should pay attention to post-merger integration is key issues, analyze the reasons for its existence, and ultimately come to enlightenment, and suggested that the overall view:the largest of shareholder’s ownership percentage ownership concentration and negative correlation between the main business growth with the largest shareholding the proportion of negative correlation, the largest of shareholder’s ownership percentage directly affects the performance of the enterprise group integrating the changes, while the largest of shareholder’s stake in the enterprise integration and cultural integration and strategic integration of negative correlation, and cultural integration of good Enterprise Group, its first equity shareholders own more reasonable to reduce the production of integrated risk, the board of size is negatively correlated with the enterprise integration, enterprise integration, the board of directors after the larger the higher the difficulty of integration, involving the integration of the Board to integrate Different companies have different board members to the vision and management experience, some agency personnel, is not conducive to the conduct of business integration, management of each enterprise will need supervision and management, the number of independent directors on the board the greater the number of accounts, companies can reduce risks, lower costs and promote the development of integration, the new integrated enterprise groups in addition to the monitoring mechanism has a more powerful incentive mechanism should have, corporate management must pay a certain attention, affected the business integration development, in the current wave of mergers and acquisitions, integration of enterprise groups need to have high quality management personnel to guide the enterprise integration in the right direction.In this paper, the main features of corporate governance mechanisms affect the integration analysis, the proposed optimal ownership structure, weakening equity nature, control board of size, improve the independent director of system, the chairman and CEO of appropriate separation and strengthening the senior management incentive and restraint mechanisms M&A focus on cultural integration and personnel integration, financial integration, the establishment of early warning mechanism, and so make the strategic development of policy recommendations.