高管团队并购经验与企业海外并购绩效:高管团队薪酬差距的调节作用

发布时间：2018-04-02 11:31

本文选题：海外并购　切入点：高管团队　出处：《管理工程学报》2017年04期

【摘要】：海外并购是企业参与国际竞争的重要方式。本文以学习迁移理论为基础,选择2003-2013年我国深沪两市A股上市公司的并购事件为样本,研究高管团队并购经验对企业海外并购绩效的影响,并探究了高管团队薪酬差距对两者关系的调节作用。结果表明,高管团队并购经验越丰富,企业海外并购绩效越好。进一步研究发现,当高管团队中CEO与非CEO成员薪酬差距较大时,高管团队并购经验与企业海外并购绩效之间的正向关系更强。本文从高管团队薪酬差距的角度探讨高管团队内部的作用机制,对于探索高管团队如何从过去的并购经验中学习并做出正确的并购决策,从而影响企业海外并购绩效具有重要启示。
[Abstract]:Overseas M & A is an important way for enterprises to participate in international competition. Based on the theory of learning and migration, this paper selects the M & A events of A-share listed companies in Shenzhen and Shanghai stock markets from 2003 to 2013 as samples. This paper studies the effect of M & A experience on the performance of overseas M & A, and explores the moderating effect of executive team compensation gap on the relationship between the two. The results show that the more experienced the executive team M & A is, the more the executive team M & A experience is. Further research found that when the pay gap between CEO and non-#en1# members in the executive team is large, The positive relationship between the M & A experience of senior management team and the performance of overseas M & A is stronger. This paper discusses the internal mechanism of executive team from the perspective of executive team pay gap. It has important enlightenment to explore how to learn from the past experiences of M & A and make the correct decision of M & A, thus affecting the performance of overseas M & A.
【作者单位】：兰州大学管理学院;
【基金】：国家自然科学基金资助项目(71472078、71072068) 兰州大学中央高校基本科研业务费专项资金资助重点项目(13LZUJBWZD010)
【分类号】：F271;F272.92

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