Research On Effect Of Marketization Process,Property Of Ultimate Control And Company Merger

With the continuous development of China's economy,to achieve the goal of maximizing shareholder wealth,mergers and acquisitions have become the trend of development of the company.The study of the factors affecting the performance of mergers and acquisitions play a huge role in the development of company.Nowadays,China's market-oriented economy has developed to a relatively balanced state.Although facing the factors such as uneven regional development and inconsistent attention of the state,the relationship between the government and the market,the development of non-state-owned economy,the development of product market,the development of factor market,the development of market intermediary organizations and the legal system environment has an impact on the performance of mergers and acquisitions.The macro environment created by the market-oriented process indicators provide a stable platform for the development of enterprises,but also have an important impact on the performance of mergers and acquisitions.Therefore,it is necessary to study the various indicators of the marketization process.Listed companies in China are divided into many kinds.From the view of the final controller attribute,it can be divided into central government control,local government control and non-governmental control.It is different for each controller's purpose of acquisition.It is inconsistent for the interests of embezzlement which made the final controller to implement the purpose of mergers and acquisitions.The acquisition performance is significantly different,so there is a lot of difference for the results of mergers and acquisitions.This thesis is based on synergistic effect theory,agency theory and m&a motivation theory.And it selects the m&a events announced by Shanghai Stock Exchange and Shenzhen Stock Exchange in 2014 as research samples to study the impact of marketization process,final control on long-term performance and short-term performance of m&a respectively.On the basis of this,the thesis could study the impact of interaction between marketization process and final controller attribute on m&a performance.At the same time,the relationship between m&a performance and the degree of separation of two rights,the degree of equity balance and the hierarchical structure of company pyramid is studied.The results show that,the marketization process could promote the short-term m&a performance and the long-term m&aperformance effectively.The highest performance was the short-term m&a companies of central and local governments,followed by those of non-governmental organizations and natural persons.Government-controlled listed companies could reduce the performance of long-term m&a,and the increase of market-oriented degree could inhibit the negative impact.It is not obvious for governance effect of the listed companies controlled by the government on the market-oriented process.In the study of short-term performance,the thesis use the event research method.In the study of long-term performance,the thesis use the data envelopment analysis method.DEA method is mainly suitable for the multiple-input &multiple-output model,which belongs to the multiple-objective decision-making method of multiple-input & multiple-output problems.Under the joint action of the two methods,this thesis analyzes the influence of marketization process and ultimate controller attributes on m&a performance,so as to achieve the purpose of improving m&a performance,and provide certain reference for listed companies' m&a behavior.