Group Effect Of Mixed Ownership Merger And Acquisition

The decision of the party on several important issues of deepening the reform comprehensively raised the mixed ownership economy to the height of "the important realization form of China's basic economic system".In theory,the reform of mixed ownership is a win-win situation for state-owned enterprises and private enterprises,but it does not get the positive response of private enterprises.The last mixed ownership system ten years ago was hot with the private enterprises and cold with the state-owned enterprises.This time the state-owned enterprises want to take part in,but,the private enterprises does not.Therefore,it is of great significance to explore the influencing factors of private enterprises participating in the mixed ownership reform.Mixed ownership mergers and acquisitions as the most important form of mixed ownership reform,it is very important to study the influencing factors of mergers and acquisitions decisions of private enterprises.The group effect of corporate financial decision-making is a hot topic in the international research,but few people have studied the group effect on the mixed ownership merger and acquisition.This paper makes an empirical study on the group effect of mixed ownership M&A based on the data of 2007-2015-year A-share listed private enterprises' cross ownership merger and acquisition.This study is divided into three parts:firstly,private enterprises cross ownership whether has the group effect;secondly,if cross ownership mergers and acquisitions with group effect of private enterprises,whether it has the significance;finally,this paper studies the reason the private enterprises cross ownership mergers and acquisitions with group effect.Through the theoretical analysis and the relevant empirical test,this paper mainly draws the following conclusions.First,China's private enterprises cross ownership mergers and acquisitions decision have the group effect,and with the industry of private enterprises cross ownership mergers and acquisitions mean better performance,cross ownership mergers with group effect is more obvious in private enterprises;second,China's private enterprises cross ownership mergers and acquisitions decision with area group effect on the whole test is not significant.But if the private enterprises in the same area have better mergers and acquisitions performance,cross ownership mergers with group effect have the significance;third,the formation of private enterprises' group effect is interrelated to the lack of political resources and imitating the same group enterprises to seek related experience.The most China's current literature on mixed ownership reform is researching on the mixed ownership reform path and performance of state-owned enterprises.Though private enterprises as the indispensable part of the state-owned enterprises of mixed ownership reform,there is less research on private enterprises taking part in the mixed ownership.The enterprise is not a single individual,and its decision-making behavior is often influenced by the same group of enterprises.Therefore,we study the group effect of private enterprises making mixed ownership mergers and acquisitions decisions.On the one hand,the study can enrich the research results of mergers and acquisitions and peer effects at home and abroad,and on the other hand,we can provide experience for China's mixed ownership reform practice.