Research On Anchors Fixed Effects Of Changes In The Proportion Of State-owned Shares

In the global M & A wave, China’s state-owned enterprises have also set off a wave of mergers and acquisitions, which roughly divided into three stages:start-up phase, ready stage and flourishing stage since the reform and opening up. In recent years, the industrial structure is constantly upgrading, the pace of mergers and acquisitions significantly accelerated. The reduction of the state shares for has a subtle influence on mergers and acquisitions. In this process, many large state-owned enterprises began to enter many competitive industries, and acquired some non-state-owned enterprises. The process of state-owned enterprises acquiring non-state-owned enterprises continues to accelerate. State-owned economic layout is more reasonable, the original state-owned assets management situation is improved, and the competitiveness of state-owned enterprises is improved.In 1999, China began to practice state-owned shares Policy.2005 China Securities Regulatory Commission initiated the share reform. In the process of share reform, state-owned shares obtained circulation right and a significant reduction of state-owned shares is promoted. The proportion of state-owned shares after state-owned enterprises acquiring non-state-owned enterprises also will be undergoing changes. In 1999, the proportion of state-owned shares after state-owned enterprises acquiring non-state-owned enterprises is about 45%. Then in 2000 to 2005 the proportion of state-owned shares after the acquisition is 45%. After the share reform of state-owned shares, although the proportion has declined but still remained at around 40%.This article will explain this phenomenon by anchoring effect. First the static anchor, dynamic anchor 1 and dynamic anchor 2 are defined, and then it is found by one-sample T-test:Overall, the changes of state-owned shares after the merger existed anchoring effect, and anchoring is "dynamic anchor 1." Through the research on the relationship between the proportion of state-owned shares after the merger and corporate performance, the results showed that:the proportion of state-owned enterprises of state-owned enterprises acquiring non-state-owned shares and enterprise performance inverted "U"-shaped relationship. With the increase in the proportion of state-owned shares after the merger, the business performance trends show appreciation; But after a certain interval, with the post-merger corporate performance will increase, the proportion of state-owned shares will decline. The initial anchor value within moderate range verifies the reasonableness of the anchoring effect. Finally, we make policy recommendations to regulatory authorities and state-owned enterprises under the empirical results.