Empirical Research On The Influence Of Ownership-Structure On M&A Performance Of Companies

In recent years, as the market economy continues to develop, more and more mergers and acquisitions of listed companies frequently, mergers and acquisitions have become the optimization and upgrading of industrial structure, enhance their market share and control, an important way to achieve economies of scale. Are M & A activity can enhance corporate performance and M & A decision-making mechanisms are closely related, and the company’s governance structure is robust and direct impact on the management’s ability to make effective decisions acquisitions. By studying the acquisition of equity-based M & A events, this entry point from the ownership structure and empirical relationship between the performance of M & A, for the construction of a scientific and rational ownership structure, standardize the behavior of mergers and acquisitions, increase acquisition performance reasonable suggestions.In this paper, normative and empirical research method of combining explain Ownership Structure and Performance of M & A related theory, review of previous research results, select 2011,2012 Shanghai and Shenzhen listed companies in M & A events occurred as the research object empirical research, the following conclusions:China listed company M & a activity does not increase the value of the company; the controlling shareholder of state-owned property was positively correlated with the performance of M & a, because of the political background and the resources of state-owned shareholders have to make it easier to get more hidden benefits, more mergers and acquisitions the quality of the target company; management shareholding company M & a performance with no significant correlation, indicating that China’s listed companies equity incentive effect is not obvious; the higher the concentration of ownership, the better the performance of M & a, because of the large shareholders more power and capability management’s business decision-making behavior supervision, management decisions making acquisitions more carefully; positively correlated with the proportion of the outstanding shares of M & a performance, proved with its stake rising, tradable shareholders can "vote with their feet" in indirect role.Finally, according to the results of theoretical and empirical analysis previously proposed to construct a reasonable ownership structure and the promotion of improved performance of M & Suggestions:state-owned shares to pay attention to industry characteristics and market affordability; maintain a reasonable degree of concentration of ownership; the establishment of management incentive and restraint mechanisms; increase the proportion of tradable shares, the introduction of institutional investors; the introduction of independent non-executive directors; improve the information disclosure system; emphasis on post-merger integration.