海归董事对企业跨境并购绩效的影响研究

A Study on the Influence of Overseas Returned Directors on the Performance of Cross-border M&A

选取2009-2017年完成跨境并购的中国A股上市公司为样本,考察了海归董事对企业跨境并购绩效的影响。研究发现:海归董事显著正向影响企业跨境并购绩效,且这一影响是通过提高企业并购整合能力、研发产出和生产效率的路径实现的。进一步分析表明,相较于海外学习经历,董事的海外工作经历对跨境并购绩效的增量贡献更大;相较于普通职位的海归董事,关键职位(CEO或总经理)的海归董事对跨境并购绩效的促进作用更显著。研究结论为中国企业跨境并购行为的优化、董事会成员选聘及治理效应的发挥等提供了经验证据。

Taking Chinese A-share listed companies that completed cross-border mergers and acquisitions from 2009 to 2017 as samples,this paper studies the influence of overseas returned directors on the performance of cross-border M&A.It is found that the directors returning from overseas have a significant positive impact on the performance of cross-border M&A,which is realized by improving M&A integration ability,R&D output and production efficiency.Further analysis shows that,compared with their overseas study experience,directors’overseas working experience has a greater incremental contribution to the performance of cross-border M&A.Compared with the returnee directors in ordinary positions,the returnee directors in key positions(CEO or general manager)play a more significant role in promoting the performance of cross-border M&A.This conclusion has provided empirical evidence for the optimization of cross-border M&A of Chinese enterprises,the selection of board members and the play of governance effects.