| China’s M&A market has developed rapidly in recent years and has become the world’s second largest investment destination.At the same time as the M&A activity is fully launched,the relevant government departments in China have also formulated many policies to encourage mergers and acquisitions.Mergers and acquisitions,as an important decision at the strategic level of the enterprise,have a significant impact on the development of the enterprise.Although the M&A market continues to heat up,M&A activity is of great significance to the development of enterprises,but there are still many problems to be solved.The level of corporate governance of mergers and acquisitions is not high,and the lack of effective supervision by management leads to blind mergers and acquisitions,excessive merger and acquisition costs,and low marketization of mergers and acquisitions.As a result,the company’s M&A performance cannot achieve the expected goals.At present,for the research on the M&A performance of listed companies in China,scholars mainly analyze the performance comparison before and after mergers and acquisitions and the motivation of M&A.Few scholars start from the perspective of institutional investors.The development of institutional investors in China in the past 20 years shows that institutional investors play an important role in improving corporate governance and improving the performance of corporate mergers and acquisitions.This paper studies the impact of M&A performance from the perspective of institutional investors,and divides the sample into different sample groups according to the nature of the property rights of the enterprise and the degree of relevance for in-depth analysis,providing more path choices for the study of M&A performance in China,and putting forward more practical feasible advice.Therefore,the research of this subject has certain theoretical significance and practical application value.This paper mainly uses the literature research method,the comparative research method and the empirical research method.Firstly,through literature review,the impact of institutional shareholding on business performance in corporate mergers and acquisitions is analyzed.Then,on the basis of previous studies,combined with stakeholder theory,principal-agent theory,synergy effect theory,"empty" and "support" theory and other related theories to analyze its mechanism of action,and put forward research hypotheses.Secondly,through descriptive statistics,correlation analysis,regression analysis and other methods to obtain specific data,observe the impact of institutional investors on corporate M&A performance.Then,the total sample is divided into two sub-sample groups according to the nature of the property rights of the enterprise and the degree of association of the events,and the group sample regression is performed to observe the actual effect of the size of the institutional investors in each sample group on the performance,and verify the hypothesis.Then conduct a robustness test.Finally,based on the empirical results,the conclusions and recommendations,limitations and prospects are presented.This paper analyzes the M&A events of A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2014 to 2016.The empirical research results show that the higher the proportion of institutional investors’ shareholding,the better the performance of M&A and the significant effect;Compared with the negative institutional investors,the positive type can positively promote the M&A performance;Compared with the state-owned enterprises,In non-state-owned enterprises,institutional investors have a more positive effect on performance;Compared with related party M&A,institutional investors have a more significant impact on non-related M&A events,and the two are positively correlated.Based on the research results of this paper,in order to improve the M&A performance of Chinese enterprises and promote the healthy development of institutional investors in China,the following suggestions are proposed: expand the scale of institutional investors,optimize the structure of institutional investors;Improve laws and regulations,and further standardize the capital market;Guide institutional investors to actively participate in corporate governance;Further promote state-owned enterprise reforms,reduce government intervention;Strengthen internal supervision and establish an evaluation system. |
