Структура собственности и результативность международных сделок по слияниям и поглощениям: исследование компаний Китая

The global trade has gone more profound, and the international economic institution has primarily improved in the period of a digital revolution since technologies have experienced a rather rapid development. Cross-border mergers and acquisitions (Mergers & Acquisitions, M&A) have already become a popular and valuable model for enterprises to penetrate foreign markets nowadays. With regards to keeping the sustainable competitive position, which is considered as the main target for modern companies, M&A is the one of the most important strategies for companies to realise this aim (González-Torres, et al., 2020). After the new millennium with the rapid development of Chinese economy, cross-border M&A transactions conducted by Chinese companies have surged to a huge number and caught the world’s attention.
The cross-border M&A performance of a company is impacted by different internal and external factors. The topic of the impact of the factors on cross-border M&A performance is still fresh and studied by the academics worldwide. Especially, the impact of corporate governance on cross-border M&A performance in the Chinese context is one of the most popular research topics for the corporate study.
Therefore, the goal of the study in this paper is to investigate the impact of ownership structure on cross-border M&A performance of Chinese companies. Then, this paper focuses on the research about the impact of the degree of restriction on the controlling right/power of the largest shareholder by the other large shareholders, the degree of ownership concentration, the executive ownership, and the equity nature of the companies on cross-border M&A performance of Chinese companies from the perspective of corporate governance. Based on the four variables mentioned earlier, this paper will conduct an empirical analysis and hopes to acquire detailed results about to what extent the cross-border M&A performance is impacted by these four variables and the inner governance mechanism.
The methodology of this paper is to collect and analyse the literature on cross-border M&A performance, the literature on the ownership of the largest shareholder and cross-border M&A performance, on the ownership concentration and cross-border M&A performance, on the executive ownership and cross-border M&A performance, and on the equity nature (status of SOE and POE of Chinese companies) and cross-border M&A performance. The paper
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summarised the basic theories in this section and then derived five hypotheses according to the theoretical analysis in the later section.
Based on the literature reviews, the data models are to be established and the empirical test is used for testing the 5 hypotheses. This paper establishes the cross-border M&A performance model by applying the factor analysis on the selected financial ratios from China Stock Market & Accounting Research database (CSMAR), then to design the empirical model and test the relationships between the ratio of the sum of shareholdings of the 2nd and 3rd large shareholders to the shareholding of the largest shareholder and cross-border M&A performance, between ownership concentration and cross-border M&A performance, between executive ownership (rate of executive shares) and cross-border M&A performance, and between equity nature (status of SOE and POE) and cross-border M&A performance. According to the result of the empirical analysis, the paper gives the insights and provides effective and reasonable suggestions for both Chinese companies and government.
In this paper, the research on the key factors impacting the cross-border M&A performance of Chinese companies is aiming to provide the theoretical foundation and the empirical practice for future research. Firstly, both Chinese and foreign researchers have studied and analysed cross-border performance from different perspectives and through different theoretical bases. The influence upon the countries where the underlying sides in the cross-border M&A transactions are located, the motives for cross-border M&A, and the cross-border M&A performance are the three hot topics for the research in the M&A sector. The research on the influence upon the countries where the underlying sides in the cross-border M&A activities are located, and the motives for cross-border M&A have been very mature and achieved fruitful results. As for the M&A performance, it is a topic that is still relatively fresh in comparison to other two topics and worthy of being explored deeper. Therefore, this paper starts the research on the cross-border M&A of Chinese companies from the general perspective of ownership structure and then explicitly and deeply discuss it in more specific and detailed sectors. Secondly, the paper hopes to achieve practical results, which could benefit the Chinese companies preparing for the cross-border M&A and support them make scientific and reasonable decisions from the perspective of corporate governance. From the broad sense, the paper hopes that the practical foundation and empirical practice would provide a valuable and efficient guide for the Chinese government while conducting the more profound reform upon the system of corporate ownership structure for enhancing the development of market economy at the new stage.