The Effect of Ownership Structure on the Post-acquisition Performance of Listed Companies in China
研究了所有权结构对中国上市公司并购后短期和长期绩效的影响，发现大股东在不同绩效公司中扮演不同角色，且公司规模会调节这种影响。
This paper empirically tests the effects of ownership structure on the short and long-run post-acquisi- tion performance of Chinese listed companies as well as the moderating role of firm size. The results show that in the companies with poor post-acquisition performance, the largest shareholders have the positive effect on gover- ning managers; with increase of firm sizes, the positive effect of largest shareholders increased, and the share- holders of legal person shares prefer to expropriate the benefits of other shareholders in a short period; in the companies with good post-acquisition performance, the largest shareholders have motivation to expropriate the benefits of other shareholders; with increase of firm sizes, the overly participating by the government blocked the long-term development of companies. This study has the important reference value for agency problems be- tween managers and shareholders, or largest shareholders and other shareholders of MA companies.