从军经历作为特殊的早期经历对高管的价值判断和决策风格具有深刻影响。由于国内市场并购溢价现象突出,本文基于烙印理论和高阶理论,以2010—2017年沪深A股上市公司发生的并购事件为研究样本,从烙印—环境匹配视角出发实证研究了高管从军经历对并购溢价的影响及其机制,重点考察了不同情境下从军烙印的激发和显现对企业决策的影响。研究认为,由于从军烙印所形成的高度自信和高执行力等特征,拥有从军经历的高管在并购活动中倾向于支付更高的并购溢价;而行业竞争程度作为重要的现实情境,会深刻影响并购决策情境与从军烙印形成时的初始环境之间的匹配程度,因此在高管从军经历与并购溢价之间起着正向调节作用,即行业竞争程度越高,高管从军经历对并购溢价的正向作用越强。研究有助于揭示军人高管对企业并购决策的特殊影响,在扩充烙印理论应用范围的基础上,进一步丰富了并购溢价情境因素的研究内容,为提高企业决策质量、完善企业并购战略提供了新的理论启示。
高管从军经历对并购溢价的影响:烙印— 环境匹配的视角
摘要
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引用本文
曾宪聚, 陈霖, 严江兵, 等. 高管从军经历对并购溢价的影响:烙印—环境匹配的视角[J]. 外国经济与管理, 2020, 42(9): 94-106.
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