股权结构对上市公司并购倾向性影响的实证分析

Effect of Ownership Structure on the Tendency of M & A:An Empirical Study

从理论分析角度考察股权结构对并购倾向性的影响,选取2003年发生并购的上市公司作为样本,同时,运用T检验、Logistic回归分析等方法进行分析,得出股权结构对上市公司并购倾向性影响的结论,即国有股比例、第一大股东持股比例的影响为负向,流通股比例的影响为正向。

This paper investigates into the effect of ownership structure on the tendency of M ＆ A from the perspective of theoretical analysis. By T Test and logistic regression analysis, we analyze the swatch consisting of listed companies that were merged or acquired in 2003. We proceed to make an empirical study and conclude on the ways that ownership structure affects the tendency of M ＆ A of listed companies. To be specific, the ratio of state-owned stock and minority shareholder＇s stock affects the occurrence of M＆A negatively while the ratio of publicly traded stock promotes the occurrence.