连锁董事网中公司并购行为的同群效应

Peer Effects of M&A Behaviors in Interlocking Directorate Networks

文章从企业的同群效应,即地区中企业间的相互模仿,来考察中国上市公司的并购行为。在控制内生性和排除地区因素替代性解释的情况下,研究发现:中国上市公司的并购行为具有同群效应,公司并购战略的实施受到相同省区并购企业比例的显著正向影响,公司的并购规模受到相同省区平均企业并购规模的显著正向影响,在相同省区中,连锁董事网络中心度较低的公司具有显著的并购行为的同群效应,并购行为的同群效应在中心度较高的公司不显著,中心度低的公司模仿中心度高公司的并购行为。

The paper, based on corporate peer effects, a phenomenon in which behaviors of individuals and enterprises are often mimickedby those of other agencies in the same region, studies the MA behaviors of China＇s listed companies. After controlling for possible endog-enous issues and other regional co-factors which may influence MA behaviors, this paper finds that the MA behaviors of china′s listedcompanies are significantly positively affected by those of others in the same province, and that for companies in the same province, thepeer effects of MA behaviors in the group of low degree centrality are significant, while those in the group of high degree centrality are in-significant, therefore, companies with low degree centrality tend to imitate the MA behaviors of companies with high degree centrality.