With the improvement of the legal system and economic environment, mergers and acquisitions have become an important way to enhance the core competitiveness of enterprises against external competition. A domestic research institution indicates that domestic M&A market is developing rapidly in recent years. From2007to2013, the number of M&A transactions rise from201to513, an increase of513%.In this context, the study on M&A performance become a popular topic. However, the research on the influence of the different shareholding structure act on the performance of M&A is still relatively scarce.From the perspective of agency problems, we study the impact of ownership structure on the performance of M&A. In addition, this paper also studies the influence of the property right protection of state-owned enterprise on the M&A performance.In order to more effectively evaluate the performance of M&A, this paper respectively uses Event Study Method and Financial Index Method to estimate short-term performance and long-term performance of M&A. Then use the multiple linear regression models to examine impact of ownership structure on M&A performance.This study found that M&A can significantly improve the performance of companies both in long-term and short-term. Institutional shareholding and managerial shareholding is positively related to M&A performance; Ownership concentration is negatively related to M&A performance. In addition, we find state-owned enterprises’ M&A performance is better than private enterprises’, especially in property protection industry. |