连锁董事网中公司并购行为的同群效应
发布时间：2018-12-12 21:43
【摘要】：文章从企业的同群效应,即地区中企业间的相互模仿,来考察中国上市公司的并购行为。在控制内生性和排除地区因素替代性解释的情况下,研究发现:中国上市公司的并购行为具有同群效应,公司并购战略的实施受到相同省区并购企业比例的显著正向影响,公司的并购规模受到相同省区平均企业并购规模的显著正向影响,在相同省区中,连锁董事网络中心度较低的公司具有显著的并购行为的同群效应,并购行为的同群效应在中心度较高的公司不显著,中心度低的公司模仿中心度高公司的并购行为。
[Abstract]:This paper examines the M & A behavior of listed companies in China from the point of view of the same group effect of enterprises, that is, mutual imitation among enterprises in the region. Under the condition of controlling endogeneity and excluding the alternative explanation of regional factors, the study finds that the M & A behavior of listed companies in China has the same group effect, and the implementation of corporate M & A strategy is significantly positively affected by the proportion of M & A enterprises in the same provinces and regions. The M & A scale of the company is significantly positively affected by the average M & A scale of the same province and region. In the same province, the companies with low centrality of chain director network have the same group effect of M & A behavior. The homogeneity effect of M & A behavior is not significant in the firms with high centrality, and the firms with low centrality imitate the M & A behaviors of the firms with high centrality.
【作者单位】： 中南财经政法大学金融学院;
【基金】：中南财经政法大学研究生科研创新项目(2016BSjrgc001)
【分类号】：F271
[Abstract]:This paper examines the M & A behavior of listed companies in China from the point of view of the same group effect of enterprises, that is, mutual imitation among enterprises in the region. Under the condition of controlling endogeneity and excluding the alternative explanation of regional factors, the study finds that the M & A behavior of listed companies in China has the same group effect, and the implementation of corporate M & A strategy is significantly positively affected by the proportion of M & A enterprises in the same provinces and regions. The M & A scale of the company is significantly positively affected by the average M & A scale of the same province and region. In the same province, the companies with low centrality of chain director network have the same group effect of M & A behavior. The homogeneity effect of M & A behavior is not significant in the firms with high centrality, and the firms with low centrality imitate the M & A behaviors of the firms with high centrality.
【作者单位】： 中南财经政法大学金融学院;
【基金】：中南财经政法大学研究生科研创新项目(2016BSjrgc001)
【分类号】：F271
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