高管团队异质性、企业所有制与海外股权并购——来自中国上市公司的经验证据

Heterogeneity of Top Management Team,Firm Ownership and Cross-border Merger and Acquisition: Evidence from Chinese Listed Companies

首次采用上层梯队的理论视角研究了中国上市公司海外股权并购份额的影响因素,并且引入了企业所有制的调节变量。基于中国沪深两市上市公司2001～2010年的108项海外股权并购的样本,本文的实证结果表明,中国上市公司高管团队的任期、职务、性别和年龄异质性与海外股权并购份额没有显著的相关关系;民营企业所有制能够负向调节任期和职务异质性的影响,正向调节年龄异质性的影响。不同企业的最高决策者和政府的政策制定者应该根据需要调整和影响企业高管团队的构成,从而促进海外并购决策。

Drawing upon upper echelons theory,this study aims to examine what factors would influence the stock share of cross-border merger and acquisition（MA） in Chinese listed firms.It also investigates the moderator variables contingent on firm ownership.Based on a sample of 108 cross-border MA events of Chinese companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2001 to 2010,the results show that the heterogeneity of top managers＇ tenure,job title,gender and age does not significantly affect the stock share of cross-border MA of Chinese firms.Further,it shows that private ownership will negatively moderate the heterogeneity of tenure and job title whereas it positively moderates the heterogeneity of age.Therefore,the decision-makers of different firms and the policy-makers in government need to adjust and influence the composition of top management teams in order to promote the cross-border MA.