企业并购溢价决策中的群体极化效应研究——TMT同质性与CEO权力的调节作用

Group polarization on enterprise decisions about acquisition premiums:The moderating effect of TMT homogeneity and CEO power

国内A股市场的高溢价并购频繁发生,损害了公众投资者和公司自身的利益。在并购群体决策中,高管团队并非都是理性的,可能受到群体极化的影响,导致并购群体决策更容易走向极端。鉴于此,选取2011—2016年发生过并购行为的沪深两市A股制造业上市公司作为研究样本,通过实证分析来揭示主并公司高管团队并购溢价决策中的群体极化效应,以及TMT同质性和CEO权力对群体极化效应的影响。研究结果表明,并购溢价决策中存在显著的群体极化效应,在并购群体决策中,成员先前的立场会得到加强,先前的并购溢价经验会导致更高的并购溢价;TMT同质性、CEO组织权力、专家权力和所有制权力对并购溢价决策中的群体极化效应具有显著的调节作用,而CEO声誉权力对并购溢价决策中的群体极化效应的调节作用不显著。

The high premium mergers and acquisitions in the A-share listed company market have frequently occurred,damaging the interests of not only public investors but also the company itself.In M&A group decision-making,the Top Management Team is not all rational,and may be affected by Group Polarization,which makes it easier for making extreme decisions.In view of this,the present study selects A-share listed companies in the Shanghai and Shenzhen Stock Exchanges from 2011 to 2016 as research samples to reveal the polarization of group polarization in merger and acquisition premium decision-making by the senior executive team of the company and the impact of TMT homogeneity and CEO power on group polarization.The research results show that there is a significant group polarization effect in the M&A premium decision.In M&A group decision-making,the previous position of the member will be strengthened,and the previous M&A premium experience will lead to a higher M&A premium;TMT homogeneity,CEO organization power,expert power,and ownership rights have a significant moderating effect on the group polarization effect in M&A premium decision-making,and CEO reputation power has no significant moderating effect on the group polarization effect in M&A premium decision-making.