高管团队稳定性对企业并购行为的影响 --基于中国 A 股上市公司的实证研究. (Chinese)

The top management team is the maker and implementers of enterprise development strategy, and its stability plays a vital role in preventing major risks and maintaining stable and sustainable development of enterprises. China's A-share listed companies from 2010 to 2019 was taken as samples to investigate the influence of the stability of top management team on M&A (mergers and acquisitions) behavior. The results show that the stability of top management team has a significant negative impact on M&A behavior, and the impact is more obvious in non-state-owned enterprises and enterprises with large salary gap within the top management team. In addition, the improvement of the stability of top management team can reduce the level of risk taking, reduce the inefficient investment behavior, and thus reduce the possibility of M&A. Furthermore, a stable top management team is also conducive to improving the M&A integration ability and M&A performance of enterprises, showing a higher M&A efficiency. It is of great significance for listed companies to pay attention to the stability of top management team, reduce the blind and destructive M&A, improve the efficiency of M&A, and promote the high-quality development of enterprises. [ABSTRACT FROM AUTHOR]

高管团队是企业发展战略的制定者和实施者, 其稳定性对于企业防范重大风险, 保持平稳可持续发展有着至关重要的 作用。本文以 2010-2019 年中国 A 股上市公司为样本, 考察高管团队稳定性对企业并购行为的影响。研究发现：高管团队稳 定性对企业并购行为具有显著的负向影响, 且该影响在非国有企业和高管团队内部薪酬差距大的企业中更为明显; 此外, 高管 团队稳定性的提高能够降低风险承担水平, 减少非效率投资行为, 进而降低企业发起并购的可能性; 进-步地, 稳定的高管团 队还有利于提高企业的并购整合能力和并购绩效, 呈现出较高的并购效率。本文对于上市公司重视高管团队稳定性, 减少企 业的盲目并购和损毁性并购行为, 提高并购效率, 促进企业高质量发展具有十分重要的意义. [ABSTRACT FROM AUTHOR]

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