A Research on the Quality of Corporate Governance and M&A Performance of the Chinese Listed Companies Based on Institutional Investors

Using the data of listed companies of the Shanghai and Shenzhen stock market in 2009, the authors conduct an empirical research on the relationship between the quality of corporate governance and the M&A performance of listed companies based on Institutional investors by the classic Multi-Statistics Regression Model. The empirical results confirm the predictions of the model from three aspects. Firstly, institutional investors involved in corporate governance to some extent, and there was a positive correlation between the proportion of their holdings and the quality of corporate governance. Secondly, the positive correlation between the quality of corporate governance and the M&A performance supposed that the quality of corporate governance affected the performance of M&A. Thirdly, institutional investors have positive correlation with the M&A performance of listed companies, which supposed that institutional investors have involved in corporate governance and played an active role in promoting the performance of M&A.