| Currently, M&A has become the important means to expand the scale of the enterprise and to realize the resource allocation. With the continuous development of Chinese market economy and capital markets, M&A of enterprises has become increasingly frequent. Especially after equity division reform, M&A of listed companies entered a new stage of development. Chinese government has introduced a series of preferential policies, to encourage mergers and acquisitions and promote industrial restructuring. Due to the China’s IPO pause and encourage policies of M&A introduced, China’s M&A market approach a new high in quantity and amount. Faced with such a large-scale merger and acquisition activity, we have to think:Whether can M&A create value for shareholders? What is the reaction of M&A activities in China’s securities market? Whether can M&A activities improve the short-term and long-term shareholders’ wealth of the acquirer listed companies? What are the purposes of listed companies taking mergers and acquisitions activity? The purposes of listed companies in China are to enhance competitiveness or to others?Based on specific policy environment and institutional context, the domestic listed companies can be divided into two types of state-controlled and private holding, according to the nature of ownership. The different types of ownership of listed companies have different corporate governance, and different governance structures lead to different target of shareholders’interests. So whether the M&A activity could bring different wealth effect to acquiring shareholders under the conditions of distinguish ownership types? Will the shareholders’ wealth of M&A of private listed companies is better than state-owned listed companies? Those issues are worth to study and discuss. Therefore, we try to explore the relationship between the M&A of listed Corporation and shareholders’wealth from the aspect of the type of ownership, and to provide a rational evidence for listed companies, to provide a suggestion for improving effect of M&A of listed companies, as well as reduce the shareholders’wealth of M&A among listed companies with two different nature of ownership.After this review on the domestic and foreign of related literature about M&A and shareholders’ wealth, we attempt to analysis the relationship between M&A companies in China and its shareholders’wealth based on some theories, like efficiency theory, agency theory and information and signal theory. After some analysis this paper put forward the hypothesis. Then, distinguish the nature of ownership of listed companies, this paper analyses the difference of corporate governance and the acquirer shareholders’wealth effect between state-owned listed companies and private listed companies, and put forward the further hypothesis. According to the empirical analysis which selected the data of M&A from2008to2009, and methods by univariate and multivariate regression analysis, we finally draw the conclusion as following:(1) The short-term shareholders’wealth of acquirer could increasing after M&A activity;(2) The long-term shareholders’ wealth of acquirer will be damaged after M&A activity.(3) The shareholders’ wealth effect of private listed companies is much better than the state-owned listed companies, no matter in a short-term or a long-term. Finally, according to the theoretical analysis and empirical results, this thesis made three policy recommendations as following:(1) relevant departments should improve laws and regulations of M&A to regulate the behaviors of listed companies;(2) companies should strengthen the assessment of pre-merger to improve the effect of M&A activities;(3) State-owned listed companies should perfect their governance to improve their effectiveness of M&A activities.According to the logical ideas about "put forward problem, analyses problem, and then solve the problem", this thesis can be divided into the following five parts:Part I is a introduction, which leads to the problem of whether M&A create shareholders’wealth and describes the background and significance of this research, writing ideas, research methods, and finally introduces the framework of this thesis.Part II is a literature review. In this part we point out the shortcomings of the current research through the collection, induction and summary of research literature on the problem of the shareholders’ wealth of M&A and the shareholders’ wealth effect of different ownership types, and we try to propose the research direction. Part III is a theoretical analysis section of the relationship between M&A and shareholders’wealth of domestic listed companies. In this part, motivations of M&A are induced. Based on the motivation theories of M&A, including efficiency theory, agency theory and information and signal theory, we proposed assumption which describes the short-term and long-term shareholders’ wealth of M&A. By analyzing the difference of governance structure between state-owned listed companies and private listed companies, we proposed the further theoretical assumption from the perspectives of ownership. Part IV is an empirical analysis of relationship between M&A and shareholders’wealth of domestic listed companies. In this part we collect the data from Tai’an database and WIND information and conduct statistical analysis through SPSS18.0, including single factor analysis and multivariate regression analysis, and give a reasonable interpretation of the empirical results. Part V is a conclusion, based on the theoretical analysis and empirical test on the extracts above, this part summarizes the conclusions of this study and put forward some policy advices, also set the deficiencies of this paper may exist. |
