高管外部并购经验与企业并购：基于并购数量与并购质量双重视角的研究

Although M&As experience is considered important for firms’ investment decision and M&As activities, there is still limited academic attention focus on the effect of executives’ external M&As experiences. This project aims to investigate the effect of executives’ external M&As experiences on firms’ expansion and M&As, based on Upper Echelon Theory, Overconfidence Theory and Learning Transfer Theory. The research intends to provide answers for following questions: Firstly, if the appointment of executives with rich M&As experiences can help the firms to make better investment decisions? Secondly, which part of external M&As experience is more valuable for the firm, quality or quantity? Are firms’ M&As behavior and returns affected by the quality and quantity of executives’ external M&As experiences? Thirdly, in the context of Chinese enterprise system, when the executives face promotion pressure does the executives’ external M&As experiences influence mechanism change? This project will investigate executives’ external M&As experiences through a dual perspective of quality experience and quantity experience, explore their impact mechanism on business investment, enrich existing discussion on individual executives’ background characteristics upon Upper Echelon Theory, and expand research perspective of investment motives and economic consequences. Furthermore, this research will offer suggestions for effective supervision of enterprise M&As transactions, and also give advices for enterprises on choice of scientific and reasonable investment decision.

尽管并购经验对于企业并购决策和并购交易至关重要，但现有研究对高管外部并购经验的影响关注有限。本项目拟立足高阶理论，结合过度自信、学习迁移等理论，研究高管任职于其他企业习得的并购经验对现供职企业投资扩张和并购交易的影响。具体回答以下问题：第一，企业聘任并购经验丰富的高管是否有助于企业制定更科学合理的投资扩张决策？第二，对于企业高管的并购经验来说，其质量经验和数量经验哪个更为重要？其对企业并购交易行为和并购绩效会产生何种影响？第三，基于中国企业制度情境，在国企高管晋升压力下，企业高管的外部并购经验的影响机理又会有何变化？本研究通过对并购经验质量和数量双重角度的检验，探讨高管外部并购经验影响企业并购决策、并购交易的机制，丰富现有对高管个体背景特征的探讨，拓展企业并购动因及经济后果的研究工作，为并购监管和企业制定科学的并购决策提供参考。

近年来并购经验成为并购领域备受学者关注的话题，尤其是高管的并购经验对企业投资决策的影响。然而，高管并购经验对企业并购交易行为及并购绩效的影响机制仍不明朗。本课题立足于高阶理论、过度自信和学习迁移等理论，率先对并购的质量经验和数量经验进行划分，挖掘出我国高管并购经验对企业并购行为的作用关系；并进一步从权力差距、媒体关注和声誉机制视角出发，全面系统地揭示出不同外部反馈机制下企业投资决策行为的影响机理及作用效果。本课题的研究有利于推进高阶理论的发展，并在实践上解释我国并购市场的运行规律。