和而不同:高管团队职能背景异质性对企业跨界技术并购绩效的影响

Harmony in Difference:Research on the Influence of Heterogeneity of Top Management Team Functional Background on the Enterprises Performance of Cross-border Technology Mergers&Acquisitions

跨界技术并购能够为企业提供全新的创新思路,在技术融合与创新背景下,其优势易于发挥。在并购发生后,高管团队职能背景异质性在很大程度上作用于企业战略和创新决策,对企业发展具有至关重要的作用。因此,选取首次并购公告日在2007年1月1日到2016年12月31日间的73个跨界技术并购案例为样本,运用多元回归方法对高管团队职能背景异质性与企业跨界技术并购绩效的关系进行实证分析。结果显示,高管团队职能背景异质性对企业跨界技术并购绩效具有正向影响;市场化程度和可用冗余均正向调节上述作用。探索高管职能背景异质性对跨界技术并购绩效的作用机理,拓展信息决策理论应用情境,并为企业在跨界技术并购时进行高管团队配置和资源布局提供决策依据。

Cross-border technology mergers and acquisitions could provide the enterprise with the new innovation ideas,so its advantages are easy to exploit under the background of technology integration and innovation.After mergers and acquisitions,the heterogeneity of top management team's(TMT's)functional background will play a vital role in the strategy and innovation decision of the enterprise to a great extent.So the study selects 73 cross-border technology mergers and acquisitions cases between January 1,2007 and December 31,2016 as research samples to conduct empirical research to research the relationships between the heterogeneity of TMT's functional background and the firms'performance of cross-border mergers and acquisitions based on multiple regression.The results show that the functional background heterogeneity of TMT has a positive effect on the performance of cross-border mergers and acquisitions firms.The degree of marketability and available redundancy both regulate this effect positively.This study explores the mechanism of heterogeneity of top management team's functional background affecting on cross-border technology mergers and acquisitions performance,and the conclusions expand the application situation of information decision theory.It also provides the decision basis for the allocation of executive team and resource layout in cross-border technology mergers and acquisitions.