高管从军经历对并购溢价的影响 : 烙印——环境匹配的视角

Research on the Effect of Executives’ Military Experiences on M&A Premium : The Perspective of Imprint-Environment Fit

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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Original languageChinese (Simplified)
Pages (from-to)94-106
Journal / Publication外国经济与管理
Volume42
Issue number9
Publication statusPublished - Sep 2020

Abstract

从军经历作为特殊的早期经历对高管的价值判断和决策风格具有深刻影响。由于国内市场并购溢价现象突出,本文基于烙印理论和高阶理论,以2010—2017年沪深A股上市公司发生的并购事件为研究样本,从烙印—环境匹配视角出发实证研究了高管从军经历对并购溢价的影响及其机制,重点考察了不同情境下从军烙印的激发和显现对企业决策的影响。研究认为,由于从军烙印所形成的高度自信和高执行力等特征,拥有从军经历的高管在并购活动中倾向于支付更高的并购溢价;而行业竞争程度作为重要的现实情境,会深刻影响并购决策情境与从军烙印形成时的初始环境之间的匹配程度,因此在高管从军经历与并购溢价之间起着正向调节作用,即行业竞争程度越高,高管从军经历对并购溢价的正向作用越强。研究有助于揭示军人高管对企业并购决策的特殊影响,在扩充烙印理论应用范围的基础上,进一步丰富了并购溢价情境因素的研究内容,为提高企业决策质量、完善企业并购战略提供了新的理论启示。
Military experiences happened in a sensitive period will profoundly affect entrepreneurs’ value systems and decision-making preferences. To shed light on the prominent M&A premium phenomenon in the Chinese market, this paper based on the imprinting theory and the upper echelons theory and taking Shenzhen and Shanghai A-share listed firms’ M&A events from 2010 to 2017 as the research sample, empirically investigates the effect of entrepreneurs’ military experiences on M&A premiums and its mechanism from the perspective of imprint-environment fit, focusing on the impact of the stimulation and manifestation of military imprints on entrepreneurs’ decision-making in different situations. According to the research, we find that entrepreneurs with military experiences have more pronounced tendency to pay higher M&A premiums in M&A activities, due to the characteristics of high confidence and high execution ability formed by military imprints. Furthermore, we find that the degree of industry competition as an important situation will have a profound effect on the degree of matching between the M&A decision-making context and the initial environment when military imprints was formed. Therefore, it plays a positive moderating role between entrepreneurs’ military experiences and M&A premium. Specifically, the higher the level of industry competition, the stronger the positive effect of entrepreneurs’ military experience on M&A premium. Our research contributes to reveal the special effect of military entrepreneurs on the M&A decision-making. On the basis of expending the application scope of the imprinting theory, this paper further enriches the research content of situational factors of M&A premium. Our results also provide new theoretical inspiration for improving the decision-making quality of entrepreneurs and perfecting M&A strategies.

Research Area(s)

  • 从军经历, 并购溢价, 烙印理论, 烙印—环境匹配, 行业竞争程度, military experiences, M&A premium, imprinting theory, imprint-environment fit, degree of industry competition

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