Research On The Impact Of Cross-Ownership M&A On Enterprise Value

State-owned enterprises account for an important proportion in China's national economy.Therefore,the reform of state-owned enterprises is to increase the efficiency of state-owned capital and the value of state-owned enterprises.Since the 18 th National Congress of the Communist Party of China,a series of major achievements have been made in the reform of the mixed ownership system,which has entered a new stage accordingly.Mixed ownership reform not only relies on state-owned enterprises,but also needs to introduce non-state-owned enterprises,and encourage non-state-owned enterprises to participate in mixed ownership reform through investment and shareholding,so as to realize the integration of various ownership enterprises,learn from each other's weaknesses,and develop together.However,one of the ways to achieve mixed ownership is to integrate various types of ownership enterprises through mergers and acquisitions.Therefore,under the macro background of mixed ownership reform,various types of ownership enterprises may adopt certain mergers and acquisitions to enhance corporate value.Then,in the context of mixed ownership reform,how does cross-ownership mergers and acquisitions affect corporate value? What role does the nature of property rights play in the value of corporate cross-ownership mergers and acquisitions to corporate value? What role does industry concentration play in the value of corporate cross-ownership M & A to corporate value? What impact did cross-ownership mergers and acquisitions have had before and after the introduction of the mixed ownership reform policy? And what is the mechanism of the effect of cross-ownership mergers and acquisitions on corporate value?This article selects 2016-2018 listed company M & A data as the research sample,and uses a combination of empirical research and normative research to discuss the above issues.This article firstly sorts out and reviews the relevant literature at home and abroad,and elaborate on the theoretical knowledge related to the research content and the institutional background of the mixed ownership reform;Further analysis from the perspective of industry concentration,and put forward assumptions on this basis;third,the selection of samples for the research hypothesis in this paper,and on this basis,perform descriptive statistical analysis,collinearity analysis,correlation analysis,and models In order to study the mechanism of the effect of cross-ownership mergers and acquisitions on the value of the enterprise,further analysis is carried out,and the results are tested for robustness.Finally,based on the research conclusions of this paper,we draw corresponding enlightenment with a view to Improve the value of China's enterprises and promote mixed ownership reform.Through the research and analysis of the model in this paper,the following conclusions are drawn: there is a positive correlation between cross-ownership mergers and acquisitions and corporate value;further consideration of the nature of property rights finds that crossownership mergers and acquisitions by state-owned enterprises improve the value of enterprises compared to non-state-owned enterprises The effect of mergers and acquisitions is significant;and for industry concentration,compared with competing industries,monopoly industries carry out cross-ownership mergers and acquisitions have a more significant impact on corporate value.In further research,this paper further analyzes the mechanism of the effect of cross-ownership mergers and acquisitions on corporate value,and finds that after cross-ownership mergers and acquisitions,the enterprise scale effect,executive incentive effect and capital structure effect are generated,thereby increasing the company value;and through the double differential-propensity score matching(PSM-DID)model for further testing,it is concluded that the implementation of mixed ownership reform policies before the implementation of mergers and acquisitions has weak or no effect on corporate value,but after the implementation of mixed ownership reform,the impact is significant.The research conclusion of this paper shows that cross-ownership mergers and acquisitions of enterprises can enhance corporate value.State-owned enterprises have significant effects on cross-ownership mergers and acquisitions,and monopoly industries implement cross-ownership mergers and acquisitions.The effect of cross-ownership mergers and acquisitions is also significant.To promote the reform and upgrading of monopoly industries and improve the capital efficiency of state-owned enterprises.