高管海外背景与企业跨国并购行为:来自中国的经验证据  

Does Overseas Background of Executives Influence Enterprises'Cross-border Mergers and Acquisitions Behavior?:Based on Empirical Evidence from China

作　　者：叶劲松[1] 庞仕平 钟昌标[1] YE Jinsong;PANG Shiping;ZHONG Changbiao

机构地区：[1]宁波大学商学院

出　　处：《世界经济研究》2024年第7期91-105,M0003,M0004,共17页World Economy Studies

基　　金：国家社会科学基金重大项目“新基建促进区域协调发展的长效机制研究”(批准号:22&ZD111)。

摘　　要：文章选取2012~2020年中国A股上市公司数据,实证分析了高管海外背景对企业跨国并购行为的影响。结果表明,拥有海外背景高管的企业更倾向于进行跨国并购行为;机制检验显示,有海外背景的高管通过国际化视野效应、克服外来者劣势效应和投资决策效应正向影响企业跨国并购行为;调节作用分析表明,高管过度自信负向调节高管海外背景对企业跨国并购行为的影响,而双边政治关系的调节作用显著为正;异质性分析表明,有海外工作背景的高管和任期较短的高管对企业并购行为的促进作用更显著,且高管海外背景在小规模企业、非高科技企业、劳动密集型企业以及非制造业企业的并购行为中更能发挥优势。研究揭示了高管海外背景影响企业跨国并购行为的作用机理,丰富了对中国企业跨国并购行为的现实情境刻画,为优化中国企业“走出去”提供了新思路。This article analyzes the impact of overseas backgrounds of executives on enterprises'cross-border M&As behavior by using the data of Chinese A-share listed companies from 2012 to 2020.The results indicate that companies with overseas executives are more inclined to engage in cross-border mergers and acquisitions.Mechanism testing shows that executives with overseas back grounds have a positive impact on cross-border M&As behavior through international perspective effects,overcoming the disadvantage effects of outsiders,and investment decision-making effects.The moderating effect analysis shows that overconfidence of executives negatively moderates the impact of overseas backgrounds of corporate executives on cross-border M&As behavior,while bilateral political relations have a significant positive moderating effect on the relationship between overseas backgrounds of corporate executives and cross-border M&As behavior.The results of heterogeneity analysis indicate that executives with overseas work backgrounds and those with shorter tenure have a more significant promoting effect on M&As behavior,and executives with overseas backgrounds are more advantageous in the M&As behavior of small-scale enterprises,non-high-tech enterprises,labor-intensive enterprises and non-manufacturing enterprises.This research reveals the mechanism of overseas background executives influencing cross-border M&As behavior,enriches the realistic situation description of cross-border M&As behavior of Chinese enterprises,and provides a new idea for optimizing the"going out"of Chinese enterprises.

关 键 词：高管海外背景 跨国并购行为 过度自信 双边政治关系 

分 类 号：F271[经济管理—企业管理] F272.91[经济管理—国民经济] F832.51