公司治理、经验学习与企业连续并购——基于我国上市公司并购决策的经验证据

文章以2004-2008年我国上市公司的1 480起并购事件为样本,运用事件历史分析方法研究了公司治理和经验学习对企业连续并购行为的影响。研究发现:(1)并购管理程序熟练程度和以往并购绩效反馈都会增加连续并购决策的发生概率;(2)国有股权、管理层持股比率的增加、CEO和董事长两职合一会促进企业连续并购的发生,而具有较高独立性的董事会则可能会降低企业并购的发生概率;(3)国有股权、管理层持股比率、董事会领导结构和董事会独立性会强化经验学习对并购决策的影响效果。

Corporate Governance,Experiential Learning and Corporate Serial M&A:Evidence from M&A Decisions of Listed Companies in China

This paper examines the effects of corporate governance and experiential learning on corporate serial M&A by the event history analysis of a sample of 1 480 M&A events of listed companies in China from 2004 to 2008.The results are shown as follows: firstly,the proficiency on M&A management procedures and performance feedback of previous M&A lead to the increase in the occurrence probability of serial M&A decisions;secondly,state-owned shares,the rise in management shareholding ratio and the "two in one" status of chairman and CEO have positive effects on the occurrence probability of serial M&A decisions,but board independence may have a negative effect on the occurrence probability of serial M&A decisions;thirdly,state-owned shares,management shareholding ratio,board leadership structure and board independence can strengthen the effects of experiential learning on M&A decisions.