摘要
本文融合行为经济学理论和企业生命周期理论,以2008～2016年中国A股上市公司作为研究样本,考察高管风险偏好对公司并购行为的影响,并从企业生命周期的动态视角对两者关系进行深入分析。研究发现,越偏好风险的高管,越倾向于实施并购,且平均并购规模越小。而且,高管风险偏好对并购绩效有显著的正向影响。同时,高管风险偏好会受到企业生命周期的影响。随着企业生命周期从成长期到衰退期的发展,高管风险偏好对公司并购倾向的正向作用会日益明显,平均并购规模逐渐变大,对并购绩效的正向作用逐渐增强。本文从行为经济学理论和企业生命周期理论的角度弥补了高阶理论在解释高管风险偏好对公司并购的作用方面的不足。
Combining the behavioral economics theory with the corporate life cycle theory, this paper studies the impact of executive risk preference on corporate M＆A, and from the dynamic perspective of corporate life cycle to analyse the relationship in depth by using 2008-2016 Chinese A shares listed companies for the study sample data. We find that from the static perspective, the more risk preference of executives, the more inclined to the implementation of M＆A, the smaller the average M＆A size. Besides, there was a positive correlation between executive risk preference and M＆A performance. From the dynamic view, with the development of corporate life cycle, the impact of executive risk preference on whether initiating M＆A is positive, and grows gradually. The effects on the average M＆A size increases gradually. The positive effect of executive risk preference on M＆A performance increases gradually. Therefore, the behavioral economics theory and the corporate life cycle theory can help the upper echelon theory to explain the relationship between senior executive risk preference and corporate M＆A.
作者
陈志斌
汪官镇
朱迪
CHEN Zhi-bin;WANG Guan-zhen;ZHU Di
出处
《财务研究》
2018年第6期44-55,共12页
Finance Research
基金
国家自然科学基金面上项目(70972039
71872040)
江苏高校哲学社会科学研究重大项目(2017ZDXM003)
江苏现代财税治理协同创新中心资助项目
东南大学高校基本科研业务费(人文社科)重大引导项目(2242018S10005)
东南大学现代管理会计创新研究中心基地课题(242018S30042)
关键词
高管风险偏好
企业生命周期
公司并购
executive risk preference
corporate life cycle
corporate M＆A
