管理者从军经历与企业并购

Managers' Military Experience and Company M&A

从军经历如何影响管理者并购决策,给企业带来怎样的经济后果?本文经验分析了2006-2015年中国沪深A股公司有从军经历管理者的并购倾向、并购风险和并购绩效。结果显示:有从军经历的管理者更偏好并购,并购支出更多,所在企业的并购风险更高,并购绩效更好;相比非国有企业,有从军经历的高管对国有企业并购影响更明显;上述现象在董事长有从军经历的公司中更明显;处理内生性问题后,研究结论依然成立。研究表明有从军经历的高管更偏好高风险和高收益的并购策略。本文研究有利于理解有从军经历的高管对公司经营决策的影响以及企业价值的作用路径。

This paper analyzes the impact of military experience on managers＇ M＆A decisions and the relevant economic consequences for companies. Using the data of China＇s A-share companies from 2006 to 2015, we first examine military managers＇ M＆A decisions and then look at companies＇ risk and performance after the M＆A. First, we find military managers have stronger M＆A preference, take more risk and have better M＆A performance. Second, such effect is more significant in state-owned enterprises than in nonstate-owned enterprises, and is more compelling in companies with a military chairman of the board. The last but not the least, we use propensity score matching method and examine policy changes around manager turnover to show that our conclusions are robust against endogenous problems. Our results show that managers with military experience are more radical, and prefer higher risk and returns. This paper helps us better understand the characteristics of managers with military experience and their influence on firms＇ decisions and value.