高管社会网络位置对上市公司并购绩效的影响

Influence of Executives'Social Network Position on M&A Performance of Listed Companies

高管是公司经营管理的核心,并购决策行为受到其所处的社会网络的影响,已有的研究更多地关注高管的个人属性和心理因素对并购绩效的影响,而忽视了高管的社会属性。基于此,文章以2010-2018年A股市场上市公司为研究对象,采用事件研究法、社会网络分析方法以及面板数据回归的方法,分析了高管社会网络位置对上市公司并购绩效的影响。研究发现高管所处的网络位置越中心,公司并购绩效越好,即高管网络中心性对公司并购绩效具有正向影响。实证结果还表明,在制度环境越差的地区,高管更多地依赖社会网络获取信息,高管网络中心性对并购绩效的正向影响更显著。

Executives are the core of company’s management,and the decision-making behavior of M&A is influenced by social network in which they are located. However,previous studies have paid more attention to the influence of personal attributes and psychological factors of executives on M&A performance,ignoring the social attributes. Based on this,aiming at the listed companies in A-share market from 2010 to 2018,this paper analyzes the influence of executives’ social network position on M&A performance of listed companies by using event study,social network analysis method and the method of panel data regression. It is found that the more central the executives’ network position is,the better the company’ s M&A performance will be,which means the executives’ network centrality has a positive influence on the company’s M&A performance. The empirical results also show that in regions with worse institutional environment,executives rely more on social networks to obtain information,and the executives’ network centrality has a more significant positive influence on M&A performance.