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This paper investigates the impact of
mergers and acquisitions (M&A) on corporate performance.
This article selects 36 M&A cases of China’s listed real estate companies
in Shanghai and Shenzhen Stock Exchanges from 2008 to 2009. Regarding the
corporate value in 2011 as the measure of the long-term performance, we will
explore the relationship among check-and-balance Ownership Structure, board size,
and institutional investors impact the performance. This paper concludes a
positive impact ownership structure on the M&A
performance. In addition, the empirical analysis reveals that that the board
size has a significant negative effect on the performance. Additionally, the
results of the paper indicate that the CEO-Chairman duality has a significant
impact on the long-term performance. Besides, institutional investors have
positive effect on M&A performance.
Allen-Cahn equation on the plane has a 6-end solution U with regular triangle
symmetry. The angle between consecutive nodal lines of U is . We prove in this paper
that U is non-degenerated in the class of functions possessing regular
triangle symmetry. As an application, we show the existence of a family of
solutions close to U.