高管特征、激励机制与行为选择:基于并购企业价值创造视角

Executive Characteristics,Incentive Mechanism and Behavior Choice:Based on the Perspective of Value Creation

由于委托代理问题的存在,高管对并购企业的价值创造具有重要的影响,我国的特殊国情决定了不同性质企业的高管特征、激励机制和行为对并购企业的价值创造的影响不同。本文选取了2009-2014年期间的并购企业作为样本,分析了高管特征、激励机制和行为对并购企业的价值创造的影响。研究发现高管特征对并购企业的价值创造有显著影响,任职时间越长并购后企业的价值提升越大,学历和年龄对并购企业的价值创造分别受另一方面因素的影响,并对价值创造的影响形成倒U型关系,且这一特征仅显著体现在国有企业中。只有在股权集中度较高的企业或国有企业中,股权激励才与并购企业的价值创造有正相关关系,且只有当高管有股权激励时,高管的行为选择才会引发市场反应。鉴于此,建议完善国有企业的高管选拔和股权激励的制度建设,改善国有企业制度建设的内外部环境,提高国企竞争力。

Because of the principal-agent problem,executives have an important influence on the value creation of enterprises occurring M&A,and the special situation of our country determines that the executive characteristics,incentive mechanism and behavior of different types of enterprises have different impacts on the value creation of M&A.This paper selects a sample of M&A during 2009—2014,and analyzes the influence of executive characteristics,incentive mechanism and behavior on the value creation of M&A.The results finds that executive characteristics have a significant impact on the value creation of M&As.The longer the executives work,the greater the value created after M&A.The impact of education and age on the value creation of M&A enterprises is influenced by the other,and the impact shapes the inverted U relationship,but this feature is only evident in state-owned enterprises.Further,only in enterprises with higher concentration of shares or state-owned enterprises,equity incentive and value creation of M&A has a positive correlation,and only when the executives has equity incentive,the executive's behavior choice will lead to market reaction.In view of this,it is suggested to consummate the construction of executive selection system and equity incentive system in state-owned enterprises,and improve the internal and external environment of state-owned enterprise's system construction,so as to improve state-owned enterprise's competitiveness.