Relationship Between Ownership Structure And M&A Performance Of Listed Companies Empirical Research

In 2013 at the third plenary session of the eighteenth through "the central committee of the communist party of China on comprehensively deepen reform certain major issue decision put forwared develop the mixed ownership economy",in 2014 the government work report into step "speed up the development of the mixed ownership economy" was put forward.In2015,the party central committee and the state council issued the guidance on deepening the reform of state-owned enterprises,classification advance mixed ownership reform,state-owned enterprises can be divided into business classes and social class.In June 2016,in the field of electric power,military industry and so on seven big state-owned enterprises to carry out the pilot demonstration.In September 2016,the national development and reform commission held workshops of the pilot,China Eastern airlines group,the male in the field of nuclear energy,such as southern power grid into seven pilot enterprises.As the attention of the countries to develop the mixed ownership economy and related policy laws and regulations,it can be seen to develop a mixed sector of the economy has become the basic direction for the reform of state-owned enterprise of our country.Realize there are several ways to the mixed ownership economy,mergers and acquisitions is one of the ways,through the way of merger,acquisition and reorganization of listed companies to promote mixed ownership reform,state-owned enterprises and non-state-owned enterprises mutual fusion,is beneficial to realize the strategic adjustment of economic development in China,promoting factors of capital flows between businesses,make capital market allocation,improve the state-owned economy and non-state economy of complementary advantages.In this paper,China's Shanghai and Shenzhen A-share listed companies from 2010 to2014 in mergers and acquisitions of companies as research samples,A total of 1817 listed companies chose 12 industry.Selected financial data from 2009 to 2016,to the financial data from the debt paying ability,operation ability and profitability factor analysis,and respectively according to the year before M&A(F-1),M&A this year(F0),a year after the merger(F1)and two years after the merger(F2),the ownership of equity property,industry classification and M&A properties of M&A performance were studied.This paper used SPSS software,the data was descriptive statistics,correlation analysis,multicollinearity test,and the result of the empirical analysis,as the main research conclusions:(1)private enterprise M&A performance was higher than state-owned enterprises;Compared with the state-owned enterprises,private enterprises ownership concentration is higher,the M&A performance was better.(2)different sectors of the influence degree of equity concentration of M&A performance is different,in state-owned enterprises accounted for the larger industry,proportion of the first largest shareholder is not obvious effects on the performance of the company;Compared with non competitive industries,in the first big shareholder ownership of enterprises in competitive industries,the higher the enterprise M&A performance is better.(3)compared with the same ownership property enterprise mergers and acquisitions between enterprises of different ownership property between M&A performance is better.State-owned enterprise merger and acquisition non-state enterprises the proportion of shares in the first big shareholder holds 20%-50%,M&A performance is better.Develop the mixed ownership economy in China under the background of,through mergers and acquisitions to achieve privatization of state-owned enterprises,private enterprises in state-owned enterprises can effectively improve the corporate performance,is advantageous to the state-owned economy has into a retreat,for state-owned enterprises by means of mergers and acquisitions smooth transition is provides the favorable opportunity,promote the sustainable development of the non-public sector.