并购后高管变更、合法性与并购绩效——基于制度理论的视角  

Top Management Turnover,Legitimacy and Acquisition Performance in the Post-Acquisition Phase:An Institutional Approach

作　　者：乐琦[1] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510006

出　　处：《管理工程学报》2012年第3期15-21,共7页Journal of Industrial Engineering and Engineering Management

基　　金：国家社科基金资助项目(11CGL050);国家自然科学基金重点资助项目(70832003);广东省哲学社会科学"十一五"规划资助项目(GD10YGL06);广东省自然科学基金资助项目(S2011040001797)

摘　　要：并购后的高管变更对于企业的并购绩效具有重要的影响,但目前的研究结论没有取得一致性。本文基于制度理论的视角引入合法性的概念,通过123份并购样本实证分析了并购后高管变更、合法性以及并购绩效之间的关系。研究结果显示:并购后高管变更与并购的外部合法性和内部合法性之间均存在显著的负相关;而外部合法性和内部合法性对于并购绩效具有显著的积极作用。本研究结论对于我国企业的并购后高管变更决策以及如何提升并购绩效具有理论指导意义。Top management turnover in the post-acquisition phase has significant effect on corporate acquisition performance. However, findings of these studies are inconsistent. Most studies have been done from the perspective of enterprise resources theory, organizational learning theory, corporate culture theory and transaction cost theory to explore the relationship between post-acquisition TMT and firm performance. However, this area of research is rarely investigated from the institutional theory. The institutional theory emphasizes that each organization is embedded in its institutional environment in which it is subject to various institutional factors. Especially in China and other emerging markets, these institutional factors may have direct or indirect effect on corporate strategic behavior and performance. In addition, corporate different strategic choices and behaviors will result in different degrees of legitimacy of these institutional factors. The current study argues that the social recognition obtained from all the stakeholders represent the legitimacy of the corporate behavior or the firm itself. Different groups of stakeholders judge the legitimacy of a firm based different perspectives and interests. Different strategic actions may result in different levels of legitimacy, which will further stimulate or constrain corporate strategic behavior and thus affect the firm performance. This paper argues that previous study ignored the influence of institutional factors. This article attempts to reveal the relationships among post-acquisition TMT, and the legitimacy and firm performance from the institutional theory perspective From the perspective of institutional theory, this paper introduced the concept of legitimacy and investigate the relationships among post-acquisition TMT, legitimacy and acquisition performance based on a sample of 123 acquisitions. The results showed that post-acquisition TMT had significant negative influence on both external and internal legitimacy, which had significant positive

关 键 词：并购 高管变更 制度理论 合法性 并购绩效 

分 类 号：C939[经济管理—管理学]