高管海外经历与企业并购绩效:基于“海归”高管跨文化整合优势的视角

Executives’ Overseas Experience and Corporate M&A Performance——Based on the Perspective of Cross Culture Integration Advantage of Overseas Experience

在公司海外并购中"海归"高管是否具有独特的跨文化整合优势呢?针对此问题,本文采用手工搜集和整理的上市公司高管海外经历数据,首次考察了"海归"高管特征对企业财务并购绩效的影响。本文最终发现:(1)"海归"高管能够显著提升企业海外并购的财务绩效,同时当高管团队中"海归"人数越多、比例越大时,财务并购绩效越好。(2)高管海外经历所在国与被并购企业所在国使用相同的语言和处于相同的法系(大陆法系或普通法系)对于海外并购绩效具有显著影响。(3)相比于民营企业,国有企业高管的海外经历对企业海外并购绩效的影响作用更为显著。

Do the executives with overseas experience have their own unique advantages in cross-cultural M&A integration? Using hand-collect data,this paper exam the influence of executive’s overseas experience on M&A performance for the first time.The final results show that:(1)executives with overseas experience can significantly improve the M&A financial performance,and the higher number and proportion of executives with overseas experience in the executive team,the better the financial performance of M&A.(2)The influence of executives’ overseas experience on the financial M&A performance is significant when the host country of oversea experience adopted the same language and located in the same legal origin with the acquired company.