高管自恋对企业并购的影响研究

The Impact of Executive Narcissism on Corporate M&A

并购被认为是企业谋求发展的重要途径,已经成为现代企业扩张、发展、整合和提高竞争力的重要手段。本文基于2017—2021年A股非金融上市公司,采用曝光度、新闻凸显度和相对现金薪酬三个指标来构建高管的自恋指数,实证检验了高管自恋对于企业并购事件全过程的影响。研究发现:高管自恋程度与企业发生并购的可能性显著正相关,与企业的并购规模显著正相关;高管自恋程度与企业支付的并购溢价显著正相关;高管自恋程度与企业并购绩效呈显著负相关关系。相比非国有企业,国有企业高管的自恋程度对企业并购决策的影响更加明显。本文丰富和拓展了高管心理特征的经济后果以及企业并购影响因素的研究视角,同时也为企业选聘人才、实施并购战略提供了决策参考。

M&A is considered an important way for companies to seek development and has become a necessary means for modern companies to expand,develop,integrate,and improve their competitiveness.Based on A‐share non‐financial listed companies from 2017—2021,this paper empirically examines executive narcissism's impact on corporate M&A events by using three indicators:exposure,news prominence,and relative cash compensation level to construct an executive narcissism index.The study found that:Executive narcissism is significantly and positively related to the likelihood of M&A.Executive narcissism is significantly and positively related to the size of M&A.Executive narcissism is significantly and positively related to the M&A premium paid by the firm.Executive narcissism is significantly and negatively related to the firm's M&A performance.Compared to non‐SOEs,the degree of narcissism of SOE executives has a more significant impact on firms'M&A decisions.This paper enriches and expands the research perspective on the economic consequences of executive psychological traits and the influencing factors of corporate M&A,and also provides a decision reference for firms to select and hire talents and implement M&A strategies.