CEO校友关系会影响并购决策与并购效果吗  

Will CEO Alumni Relationship Affect M&A Decisions and Effects?An Empirical Study Based on A-share Listed Companies in China

作　　者：张洽 袁天荣[2] Zhang Qia;Yuan Tianrong(School of Management,Xi’an University of Science and Technology,Shanxi Xi’an 710054,China;School of Accounting,Zhongnan University of Economics and Law,Hubei Wuhan 430073,China)

机构地区：[1]西安科技大学管理学院,陕西西安710054 [2]中南财经政法大学会计学院,湖北武汉430073

出　　处：《上海财经大学学报（哲学社会科学版）》2020年第3期82-96,共15页Journal of Shanghai University of Finance and Economics

基　　金：国家社会科学基金一般项目“放权改革、控制权配置与企业并购中CEO腐败治理的理论与实证研究(17BGL060)”;西安科技大学博士启动金项目的配套资助(6310118042)。

摘　　要：文章基于我国转型经济特殊环境和关系型社会制度背景,以2010-2017年主并方为A股上市公司为样本,实证研究了并购双方CEO校友关系对并购决策与并购效果的影响。研究发现,主并方与被并方CEO校友关系会导致错误的并购决策和较低的股东回报,显著降低了并购宣告日[-2,+2]时间窗主并公司股票累计异常收益率,提高了被并方CEO留任的可能性和主并方CEO薪酬;双方CEO存在校友关系的企业更容易发生并购,但这类并购发生资产剥离的概率更高,甚至剥离也很难改善绩效。研究结果有利于企业理性运用社会关系资源,降低并购中的代理问题,为规范并购决策的科学性与审慎性、提高并购绩效提供了理论支持与经验证据。Based on the special environment of China’s transition economy and the background of"relational"social system,taking 2010-2017 China’s A-share listed companies which are the merging party as a sample,this paper empirically studies the influence of CEO alumni relationship between M&A parties on M&A performance,CEO retention,CEO compensation,and whether M&A is divestiture.Alumni relationship defined in this paper refers to the social relationship between CEOs of M&A parties based on higher education.It is found that although alumni relationship can quickly break the barriers of information communication and reduce information asymmetry,decisions based on alumni relationship rather than rigorous analysis may lack due prudential standards in the selection process of the target company due to familiarity bias and trust bias.The alumni relationship between the CEO of the merging party and the CEO of the merged party will lead to wrong M&A decisions and lower shareholder returns,significantly reducing the merger announcement date[-2,+2]time window of the merging company’s stock cumulative abnormal return rate,but increasing the possibility of being retained by the merged CEO and the remuneration of the CEO of the merging company;enterprises with alumni relationship between the CEOs of both sides are more likely to have M&A,but the probability of asset divestiture is higher in such M&A,and even divestiture is difficult to improve performance.The possible contributions of this paper are as follows:Firstly,it adds the literature about the influence of the relationship between the CEO alumni of the merging party and the merged party on the decisions and effects of M&A,complements the theoretical research on the agency problem in enterprise M&A,and helps to enrich,expand and deepen the research on the existing M&A theory in China.Secondly,it explores the path of the influence of alumni relationship on economic decisions,expands the research scope of social relationship,clarifies the influence of CEO alumni relationship

关 键 词：CEO 校友关系 并购决策 并购效果 

分 类 号：F272[经济管理—企业管理]