管理层更替与收购绩效的关系研究——基于多重因素的调节效应

收购后是否应该对被收购企业的原有管理人员进行更换一直存在争议。本研究探讨了在中国情境下，主并企业在收购后对被并企业管理层更替的程度与主并企业的收购绩效之间的关系。实证分析结果证实了收购后的管理层更替与收购绩效之间存在正相关关系，但这种正相关关系受到多重因素的调节作用影响。具体来说：跨区域收购时管理层更替的程度与收购绩效之间的正相关作用要高于同区域收购的时候；收购双方的业务相关程度越高，则收购后管理层更替对收购绩效的积极作用会越低；被并企业与主并企业相比的相对规模越大，则收购后管理层更替的程度与收购绩效之间的正相关程度会越高；收购前被并企业的绩效表现越好，则收购后对其管理层进行更换的程度越高越有利于主并企业的收购绩效。

The Relationship between Management Turnover and Acquisition Performance: Moderated by Multi-factors

There has been argument for a long time about the rationale for an acquiring firm to replace former top managers of the acquired firm. This paper makes an empirical research on the relationship between management turnover and acquisition performance. The results support that management turnover has positive effect on acquisition performance. Moreover, the positive relationship between management turnover and acquisition performance are moderated by several factors. If the acquirer and the target are in the same region there is significant positive moderating effect. The extent of relatedness of the business of the acquirer and the target plays a significant role as a negative moderator. The relative size of the target compared to the acquirer and the relative performance of the target compared to the industry also have positive moderating effect.