高管从军经历与企业并购行为

Managers'Military Service,M&A Decisions and Performance

本文以2010-2014年中国A股上市公司为研究对象,分析了管理者从军经历对并购决策及并购绩效的影响。研究表明:有从军经历的管理者会进行更多的并购行为,同时有更好的并购绩效。但管理者从军经历对并购决策及绩效的影响在国有公司和非国有公司中存在明显的差别。具体而言,在国有公司中,有从军经历的管理者对并购决策有更显著的影响,他们会发起更多的并购行为,并且倾向于非横向并购;在非国有公司中,有从军经历的管理者对并购绩效有更显著的影响,其并购绩效会好于其它公司。本文发现说明,有从军经历的管理者一方面有更高的风险承担能力,在并购决策上更为激进;另一方面,从军经历增强了管理者的稳健性,在并购绩效上的表现会更好。作为军事大国,我国有大量的退伍军人,本文的研究发现对于企业在任用退伍军人决策上具有积极的指导意义。

Service in military is a very important event that has deep impact on people's behavior. Results showed that managers' military service was associated with more M&A and better M&A performance. Moreover, managers' military service had different influence on M&A decision and M&A performance between different property attributes. In state-owned companies, managers' military service had more significant effect on more M&A and less horizontal M&A. In non-state companies, manager's military service had more significant effect on better M&A performance. This paper found that service in military improved managers' ability of bearing higher risk, which leading to more radical M&A decision. Meanwhile, it also enhanced managers' steadiness, which leading to better M&A performance. As military power, China has a lot of veterans. Thus, this study has positive significance in guiding companies' policies of employing veterans.