CEO的知青经历与企业并购溢价——基于烙印理论的实证研究

CEOs’ Educated Youth Experience and Corporate Mergers and Acquisitions Premium: An Empirical Study Based on the Branding Theory

本文选择2006-2016年发生并购事件的上市公司作为样本,研究CEO的知青经历对其所在企业并购溢价的影响,研究发现:(1)知青经历使得CEO有过度自信的倾向,企业的并购溢价会更高;(2)CEO受教育水平会负向调节其知青经历对企业并购溢价的正相关关系;(3)有知青经历的CEO所在企业的相对绩效水平越高,所在企业的并购溢价更高;(4)有知青经历的CEO所在企业的环境不确定性越强,其所在企业的并购溢价更高。本研究从历史的视角探索CEO过度自信的可能来源和形成机制,探索了在敏感时期经历知青运动的CEO在并购溢价支付的非理性决策过程,这对于更好地理解CEO对其所在企业决策行为的影响具有重要的理论和实践意义。

This study extends the strategic decision of the company to the historical research field. By collecting and sorting out the mergers and acquisitions events of Chinese listed companies from January 1, 2006 to December 31, 2016, the impact of CEOs’ educated youth experience on corporate mergers and acquisitions premium is studied. The results of this study show that the CEO who has experienced the Educated Youth Movement during the sensitive period is more inclined to pay a high mergers and acquisitions premium. Further, this paper explores the role of CEO education level, the company’s relative performance level and environmental uncertainty in the relationship between CEOs’ educated youth experience during the sensitive period and the corporate mergers and acquisitions premium. It is found that: First, the scientific training that a highly educated CEO receives in the learning process can correct his overconfidence tendency, and has a significantly negative adjustment effect on the relationship between the educated youth experience and the corporate mergers and acquisitions premium. Second, the higher the relative performance level of the company, the past success makes the CEO more convinced that he has higher skills than others and greater control over the future, which tends to pay a higher premium in mergers and acquisitions. Third, the stronger the environmental uncertainty of the company, and the higher the frequency, the faster the speed and the stronger the fuzziness of the information the CEO receives, the CEO is more willing to accept the information that is consistent with his expectations, strengthen his overconfidence, and pay a higher premium in mergers and acquisitions.