董事会技能多元化能提升企业并购绩效吗?

Can Diversity of Board Skills Improve M&A Performance?

从董事会团队决策的整体视角出发,探寻董事会团队掌握的技能多元化是否会提升企业并购绩效。以中国A股上市公司的3416个观测值为研究样本,分析董事会技能多元化对企业并购绩效的影响、董事会技能多元化对不同类型的并购绩效影响是否相同以及董事长权力集中度在这一关系中的调节作用。研究结果表明,董事会技能多元化对企业并购绩效有显著的正向影响,这种正向影响在企业多元化并购绩效中更为显著,而董事长的权力集中度会减弱这一正向关系。研究结果首次突破以往文献中只关注董事会成员掌握的单一技能,站在团队整体掌握技能的角度,揭示企业并购绩效的又一关键影响因素,为企业提升并购能力提出新的思路和视角。

From the overall perspective of the decision-making of the board of directors,this paper explores whether the diversity of skills mastered by the board of directors can improve the performance of M&A.Taking 3,416 observed values of Chinese A-share listed companies as research samples,this paper analyzes the impact of board skill diversity on corporate M&A performance,whether board skill diversity has the same impact on M&A performance of different types,and the moderating role of chairman power concentration in this relationship.The results show that the diversity of board skills has a significant positive impact on M&A performance,which is more significant in M&A performance,while the power concentration of chairman will weaken this positive relationship.For the first time,the research results break through the previous literature that only focuses on the single skills mastered by board members.From the perspective of the overall skills mastered by the team,it reveals another key influencing factor of M&A performance,and puts forward new ideas and perspectives for enterprises to improve their M&A ability.