海归董事对企业跨境并购绩效的影响研究

摘要选取2009—2017年完成跨境并购的中国A股上市公司为样本,考察了海归董事对企业跨境并购绩效的影响。研究发现:海归董事显著正向影响企业跨境并购绩效,且这一影响是通过提高企业并购整合能力、研发产出和生产效率的路径实现的。进一步分析表明,相较于海外学习经历,董事的海外工作经历对跨境并购绩效的增量贡献更大;相较于普通职位的海归董事,关键职位(CEO或总经理)的海归董事对跨境并购绩效的促进作用更显著。研究结论为中国企业跨境并购行为的优化、董事会成员选聘及治理效应的发挥等提供了经验证据。

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关键词：海归董事跨境并购绩效并购整合能力研发产出生产效率

Abstract： Taking Chinese A-share listed companies that completed cross-border mergers and acquisitions from 2009 to 2017 as samples, this paper studies the influence of overseas returned directors on the performance of cross-border M&A. It is found that the directors returning from overseas have a significant positive impact on the performance of cross-border M&A, which is realized by improving M&A integration ability, R&D output and production efficiency. Further analysis shows that, compared with their overseas study experience, directors' overseas working experience has a greater incremental contribution to the performance of cross-border M&A. Compared with the returnee directors in ordinary positions, the returnee directors in key positions (CEO or general manager) play a more significant role in promoting the performance of cross-border M&A. This conclusion has provided empirical evidence for the optimization of cross-border M&A of Chinese enterprises, the selection of board members and the play of governance effects.

Keywords： Overseas Returned Directors Cross-border M&A Performance Merger and Acquisition Integration Capability Research and Development Production Production Efficiency

收稿日期 2020-05-14; 接受日期 ;

基金资助:国家社会科学基金青年项目(17CJY057);吉林省社会科学基金项目(2018B76)

作者简介: 王爱群(1964— ),女,吉林大安人,博士,教授,博士生导师,主要从事公司治理与并购研究;闫盼盼(1989— ),女,河南鹿邑人,博士研究生,主要从事公司治理与并购研究;赵东(1987— ),男,山东淄博人,博士研究生,主要从事公司治理与并购研究。

引用本文:

王爱群, 闫盼盼, 赵东.海归董事对企业跨境并购绩效的影响研究[J]. 经济经纬, 2021,2: 102-111

WANG Aiqun, YAN Panpan, ZHAO Dong.A Study on the Influence of Overseas Returned Directors on the Performance of Cross-border M&A[J] Economic Survey, 2021,V38(2): 102-111

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2021/V38/I2/102

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