摘要
本研究基于高阶理论、委托代理理论和最优契约理论,运用沪深两市上市公司在2009～2014年的海外并购数据,对CEO年龄以及与CEO紧密相关的公司治理对企业海外并购决策进行了实证研究。实证结果表明:(1) CEO年龄整体上与企业海外并购决策负相关,说明年纪越大的CEO越不倾向于进行海外并购,越年轻的CEO则越倾向于实施海外并购。在年龄组Ⅰ(<=40岁)中,CEO年龄与企业海外并购决策在5%的水平上显著负相关,说明在年龄小于等于40岁的CEO中,也就是处于青年成熟期的CEO越倾向于实施海外并购;处于中年稳健期(年龄组Ⅲ,49～55岁)的CEO,随着管理经营经验的不断累积,年龄越大越倾向于实施海外并购。(2)在公司治理对海外并购决策的影响方面,股权集中度与海外并购决策正相关,股权集中程度越高就越容易进行海外并购; CEO持股比例与海外并购决策负相关,CEO持股比例越高,CEO越不会做出海外并购决策。
Building upon the higher-order theory, principal-agent theory and optimal contract theory, this paper uses the Shanghai and Shenzhen listed companies＇ overseas M＆A data from 2009 to 2014 to demonstrate the relationship between CEO age, and corporate governance that is closely related to CEO and overseas M＆A deci- sion. The empirical results show that：（ 1 ）Overall,CEO age is negatively related to the enterprise overseas M＆A decision,in another word,the older CEO is, the less tendency for overseas M＆A it has. Younger CEO is more likely to announce an overseas M＆A. In Age Group I （ 〈=40 years old） ,there is a significant positive relation- ship between CEO age and overseas M＆A,in another word,in the age group of not more than 40 years old, a young-mature period, younger CEO is more likely to implement an overseas M＆A. Middle-aged steady-stage CEO （Age Group III ,49-55 years of age）is more likely to pursue an overseas M＆A as his management experi- ence increases with his age. （2） Regarding corporate governance, there is a positive relationship between owner-ship concentration and overseas M＆A. The higher the ownership concentration is, the bigger the possibility of overseas M＆A is. Besides,CEO ownership is negatively related to the overseas M＆A decision.
作者
刘烨
曲怡霏
方磊
裴冬雪
马磊磊
LIU Ye;QU Yi-fei;FANG Lei;PEI Dong-xue(School of Business Administration,Northeastern University,Shenyang 110819,China)
出处
《运筹与管理》
CSSCI
CSCD
北大核心
2018年第10期174-184,共11页
Operations Research and Management Science
基金
国家重点研发计划课题(2017YFB0304203-5)
