海外并购经验、管理者能力和海外并购绩效

Overseas M&A Experience,Managerial Ability and Overseas M&A Performance

选取2004—2017年我国上市公司512个海外并购样本,采用OLS多元回归模型实证研究了海外并购经验对海外并购绩效的影响,同时分析了管理者能力、股权激励和管理者海外背景对并购经验的调节作用。海外并购经验采用海外并购次数和以往海外并购结果两个指标衡量,海外并购的短期和长期绩效分别用累计超额收益率(CAR)和长期持有超额收益率(BHAR)来衡量。研究结果发现海外并购次数和以往海外并购结果与海外并购绩效呈现显著正相关关系,管理者能力、股权激励和管理者海外背景显著强化海外并购经验对海外并购绩效的正向调节作用。

This paper selects 512 overseas M&A samples of listed companies in China from 2004 to 2017,and uses the OLS multiple regression model to empirically study the impact of overseas M&A experience on overseas M&A performance.At the same time,it analyzes the regulating effect of managerial ability,equity incentive and managerial overseas background on M&A performance.The experience of overs eas M&A adopts two indicators of the number of overs eas M&A and the res ults of previous overseas M&A.The short-term and long-term performance of overseas M&A are measured by the cumulative excess return(CAR)and long-term holding excess return(BHAR).The results of the study found that the number of overseas M&A and the results of previous overseas M&A show a significant positive correlation.Managerial ability,equity incentives,and overseas background of managers have significantly strengthened the positive regulatory effect of overseas M&A experience on overseas M&A performance.