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

发布时间：2018-05-19 19:55

  本文选题：高管 + 并购　； 参考：《现代财经(天津财经大学学报)》2017年11期

【摘要】：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。
[Abstract]:Due to the existence of the principal-agent problem, senior executives have an important impact on the value creation of M & A enterprises. The special situation of our country determines the characteristics of executives in different enterprises, and the incentive mechanism and behavior have different effects on the value creation of M & A enterprises. This paper selects M & A enterprises from 2009-2014 as a sample to analyze the influence of executive characteristics, incentive mechanism and behavior on the value creation of M & A enterprises. The study found that the characteristics of senior executives have a significant impact on the value creation of M & A enterprises. The longer the tenure is, the greater the value of M & A enterprises is. The educational background and age are respectively affected by the other factors on the value creation of M & A enterprises. And the influence on value creation forms inverted U-shaped relationship, and this characteristic is only reflected in the state-owned enterprises. Only in the enterprises with high equity concentration or state-owned enterprises, the equity incentive has a positive correlation with the value creation of M & A enterprises, and only when the executive has equity incentive, the executive behavior choice will lead to market reaction. In view of this, it is suggested to improve the system construction of senior management selection and equity incentive in state-owned enterprises, improve the internal and external environment of state-owned enterprises' system construction, and enhance the competitiveness of state-owned enterprises.
【作者单位】： 武汉大学经济与管理学院博士后流动站;中国华融资产管理股份有限公司博士后工作站;
【分类号】：F271;F272.91;F272.92
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本文编号：1911425