摘要
公司并购经历前期的并购意向、并购出价,并购后期的股市反应、收益评估等不同环节。高管群体的职业倾向对并购各环节影响存在差异,研究2009—2020年沪深A股样本发现:在高管群体三类职业倾向中,“创新型”职业倾向对并购各环节产生积极和长期影响;“公关型”只对并购后期的资产收益和协同价值产生积极作用;而“生产型”职业倾向对并购前期意向、出价和后期绩效有抵触作用。三类倾向异质性越高,对并购各环节影响越积极;且外部社会资本作为信息中介显著影响并购前期的意向和出价,对并购后期不显著。
The company’s mergers and acquisitions experience different links such as the intention and negotiated price in the early stage of M&A,and stock market reaction and income evaluation in the later stage.There are differences in the influence of the career orientation of the executive group on each link of M&A.A study of the Shanghai and Shenzhen A-share samples from 2009 to 2020 found that among the three career orientations of the executive group,the“innovative”career orientation has a positive and long-term impact on all links of M&A;“public relations”only has a positive effect on the asset return and synergy value in the later stage of M&A;the“production-oriented”one has a contradictory effect on the pre-M&A intention,bid price and later performance.The higher the heterogeneity of the three career orientations,the more positive the impact on each link of M&A.The external social capital as an information intermediary significantly affects the intention and negotiated price in the early stage of M&A but not in the later stages of M&A.
作者
郝清民
赵东夏
Hao Qingmin;Zhao Dongxia(College of Management and Economics,Tianjin University,Tianjin 300072,China)
出处
《天津大学学报（社会科学版）》
2023年第2期159-169,共11页
Journal of Tianjin University：Social Sciences
基金
国家社会科学基金项目(20BGL036).
关键词
高管群体
职业倾向
股市反应
并购意向
收益评估
协同价值
executive group
vocational tendency
stock market reaction
M&A intention
income evaluation
synergy value
