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Abstract
At present, in the capital market and the rapid development of their own business
under the dual drive, China will continue for some time the upsurge of mergers and
acquisitions, corporate mergers and acquisitions will continue to be the focus of the
academic community. Since the completion of the split share structure reform in
China, the ownership structure has always been the focus of scholars to study, and
equity checks and balances as an important dimension of the ownership structure, the
concern caused by far less than the concentration of ownership; but China's current
listed companies equity Relatively concentrated, small and medium shareholders and
major shareholders of the agency between the prominent issues, equity checks and
balances need to pay enough attention.
Enterprise executives team is an important manifestation of enterprise soft power,
is the most important intangible assets. As the helm of the enterprise course, the
executive team to a large extent determine the fate of the enterprise. China has always
been influenced by Confucian traditional culture, and people are more sensitive to
authority and rank differences. And because of the deep-rooted authoritative thinking
and hierarchical concepts, so that we consider the characteristics of the executives of
listed companies, the need for hierarchical differences to consider the impact.
Based on the above considerations, this paper chooses the listed companies listed
on the Shanghai and Shenzhen listed companies from 2010 to 2015 to study the
relationship between the four vertical characteristics of the executive team and the
performance of M & A, equity checks and balances and M & A performance. Checks
and balances, the executive team four vertical characteristics of the impact of M & A
performance has changed Research found:
(1) the vertical age of the executive team is positively related to the performance
of the M & A, but not significant: (2) the gender verticality of the executive team has
a significant positive correlation with the performance of the M & A; (3) the seniority
of the executive team has a positive correlation with the performance of the M & A;
(4) the seniority of the senior management team has a significant positive correlation
with the performance of the M & A performance; (5) the equity checks and balances
with the enterprises and the performance of the enterprise's performance; (6) In the
enterprise with the mechanism of equity checks and balances, the gender verticality of
the executive team has more significant impact on the characteristics of the
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characteristics, the verticality of the academic characteristics and the vertical term of
the performance to the M & A performance.
The research of this paper is to study the influence of the difference of
demographic characteristics of executive team on the performance of M & A, which
enriches the domestic research perspective on the characteristics of executive team. At
the same time, equity checks and balances are an important part of internal
governance structure, Help listed companies to promote the reform of ownership
structure, the formation of a good mechanism of equity checks and balances.
Key words: executive teamvertical pairingequity checks and balancesM & A
performance
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目录
第 1 章绪论....... 1
1.1研究背景与研究意义1
1.1.1研究背景 ...... 1
1.1.2研究意义 ...... 4
1.2研究内容与框架 .... 5
1.3研究路线与研究方法6
1.3.1研究路线 ...... 6
1.3.2研究方法 ...... 8
1.4主要创新点 ........ 8
第 2 章文献综述... 9
2.1相关概念界定 ...... 9
2.1.1垂直对特征 .... 9
2.1.2高管团队 ...... 9
2.1.3股权制衡 ..... 10
2.1.4并购 ......... 10
2.2并购绩效评价方法相关研究 ..... 11
2.2.1事件研究法 ... 11
2.2.2会计研究法 ... 12
2.3相关文献梳理 ..... 13
2.3.1高管团队垂直对特征相关研究 ........... 13
2.3.2高管团队特征与企业并购绩效 ........... 15
2.3.3股权制衡与企业并购绩效 ... 18
2.3.4垂直对特征、股权制衡与企业并购绩效 ... 20
2.3.5文献综评 ..... 21
2.4本章小结 ......... 21
第 3 章理论分析与研究假设.... 23
3.1理论基础 ......... 23
3.1.1高层梯队理论 . 23
3.1.2委托代理理论 . 23
3.1.3管理防御假说 . 24
VI
3.1.4进化心理学相关理论 ....... 25
3.1.5股权制衡相关理论 ......... 25
3.2研究假设 ......... 26
3.2.1高管团队垂直对特征与企业并购绩效 ..... 26
3.2.2股权制衡与企业并购绩效 ... 28
3.2.3股权制衡对高管团队垂直对特征与并购绩效的调节作用 . 29
3.3本章小结 ......... 30
第 4 章研究设计.. 31
4.1样本选择与数据来源 ........... 31
4.2研究变量定义和说明 ........... 33
4.2.1被解释变量 ... 34
4.2.2解释变量 ..... 34
4.2.3控制变量 ..... 35
4.3实证模型构建 ..... 35
4.4本章小结 ......... 37
第 5 章高管团队垂直对特征、股权制衡与企业并购绩效关系检验........ 39
5.1描述性统计 ....... 39
5.2相关性分析 ....... 40
5.3实证检验结果分析 . 44
5.3.1 高管团队垂直对特征与企业并购绩效影响的实证结果 .... 44
5.3.2 股权制衡与企业并购绩效影响的实证结果 .. 47
5.3.3 股权制衡对高管团队垂直对特征与并购绩效关系的影响实证结果 ...... 48
5.4稳健性检验 ....... 53
5.5本章小结 ......... 56
第 6 章结论与展望 57
6.1研究结论 ......... 57
6.2研究启示与建议 ... 58
6.3研究不足与展望 ... 60
参考文献........... 63
致谢... 73
个人简历、在学期间发表的学术论文........... 75。