管理层能力、内部控制有效性与跨国并购绩效

Research on Managers' Competence,Effectiveness of Internal Control and Performance of International Mergers and Acquisitions

"丝绸之路经济带"和"21世纪海上丝绸之路"为"新常态"下的中国企业实施跨国并购提供了新的历史机遇。以沪深两市2009—2016年成功进行跨国并购的中国上市公司为样本,运用结构方程模型,实证检验了管理层能力、内部控制有效性和企业跨国并购绩效之间的关系。结果表明,企业管理层能力与跨国并购绩效呈现显著正相关关系;完善的内部控制制度及内部控制制度的有效执行可以显著提高企业跨国并购绩效;管理层能力与企业内部控制有效性存在着正向共变关系。

The Silk Road Economic Belt and the 21st-Century Maritime Silk Road provide great opportunities for China＇s enterprises to carry out cross-border mergers and acquisitions under the new normal in economic development.The paper examines the relationship between managers＇ competence,effectiveness of internal control and performance of international mergers and acquisitions by using the structural equation model to test Chinese listed companies in Shanghai and Shenzhen which succeeded in mergers and acquisitions from 2009 to 2016.The results show that there is positive correlation between managers＇ competence and performance of international mergers and acquisitions and perfect internal control system and the effective implementation of it will improve performance of international mergers and acquisitions significantly.Meanwhile, there is positive covariant relationship between managers＇ competence and effectiveness of internal control.