高管海外经历与企业跨国并购——基于动因视角的研究

Executives Overseas Experience and Multinational Mergers and Acquisitions:A Study Based on Motivation

以2009—2018年我国沪深两市进行跨国并购的上市公司为研究样本,利用多元回归模型对高管海外经历与跨国并购之间的关系进行实证检验。研究结果表明:高管海外经历有助于提升所在企业的跨国并购意愿,这一结论经过多种稳健性检验后仍然成立;海外经历高管所在企业的跨国并购行为并非是高管的自利行为,而是为提高企业业绩的利他行为,这一结论支持了烙印理论。研究结论既丰富和拓展了高层梯队理论的相关文献,又对企业通过跨国并购实现资源优化配置和践行“一带一路”倡议具有现实的指导意义。

This paper takes the companies that conducted cross-border mergers and acquisitions in Chinese Shanghai and Shenzhen stock markets from 2009 to 2018 as a research sample,and uses a multiple regression model to empirically test the relationship between executives overseas experience and cross-border mergers and acquisitions.The research results show that:the overseas experience of executives helps to improve the cross-border M&A behavior of their companies,and this conclusion still holds after multiple robustness tests;it s no doubt altruistic behavior,but altruistic behavior improves corporate performance,supports the imprinting theory.The research of this paper not only enriches and expands the relevant research on the theory of high-level echelon,but also has practical guiding significance for enterprises to realize the optimal allocation of resources through cross-border mergers and acquisitions and to implement the“B&R Initiative.”