CEO年龄、风险承担与并购*

本文基于高阶梯队理论，以2008-2017年我国上市公司为研究样本，探讨了CEO年龄影响企业并购决策及其绩效的作用机制与经济后果。研究发现CEO年龄与企业并购倾向、并购后市场反应和并购绩效均存在倒U型关系，企业风险承担是倒U型关系的作用机制。研究结论在考虑了自选择偏差、遗漏变量等导致的内生性问题后依然成立。研究结果进一步丰富了从高管特征角度研究并购行为的现有文献，同时为企业高管考核与激励等制度安排提供了经验证据。

CEOS' AGE,RISK TAKING AND ACQUISITIONS

Based on the upper echelons theory, this paper takes listed companies in China from 2008 to 2017 as research sample to explore the relationship among CEOs' age, acquisitions likelihood, acquisitions performance and market reaction. The results showed as follows: First, there is an inverted U shaped relationship between CEOs' age and acquisitions likelihood. Second, there is an inverted U shaped relationship between CEOs' age and market reaction of acquisitions. Third, there is an inverted U shaped relationship between CEOs' age and acquisitions performance. Finally, the risk taking is the mediating effect of the relationship between CEOs' age and acquisitions likelihood, the market reaction and the performance. The research results can enrich the literature on acquisitions from the perspective of CEOs' characteristics and provide empirical evidences for the corporate executive assessment and incentive system.