ceo行业经验对并购方并购绩效的影响

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1、万方数据AbstractTherearemorethan4450M&Acasesannouncedbythelistedcompanyinchinain2014，thetotalvolumereached1．56仃丑lion．andmorethan1700companiesinvolved．Boththetransactionamountandthecompaniesinvolvedhitall-timehi{；hs．Currently,M&AhassurpassedIPOasthemostimportantfinancingmo

2、dalityincapitalmarketsM&Aisalwaysahotspotinthekidoffinance．Synthesizedomesticandinternationalrelevantdocumentmaterials，allofthestudiesonM&AcanbemainlydividedintothreecategoriesWhethertheM&Aactivitycreatesvalue?WhatisperformanceofM&Aforacquirersandtargets?Whichfactorsw

3、illinfluencetheperformanceofM&A?Thereiscontroversyonthelastproblem，andallresearchisstillinanexploringstage．TheUpperEchelonsTheoryproposedbyI-]ambrickandMason(1984)tellsUSthatexecutives’experiences，valuesandpersona‰sgreatlyinfluencetheirinterpretationsofthesituationsth

4、eyfaceand，inturn，affecttheirchoices．Therefore，thispaperwantstoresearchontheperformanceofM&AbyaviewofCEO’ScharacteristicsThispaperismainlyfocusingontwoissues．OneiswhetherCEOswithexperienceinthetarget’SindustryperformbetterinM&AtheotherishowCEOs’experienceaffecttheperfo

5、rmanceofacquirersindiversifyingtakeovers，throughvaluecaptureorvaluecreation?AnalysisofChinastockmarketdataonl，049acquisitionsannouncementsover2004-2011indicatesthattheacquirer’SabnormalannouncementreturnsarehigherthanthosegeneratedbyaCEOwhoisnewtothetargetindustry．Bas

6、edontheoreticalanalysis，wesuspectthataCEO’Sindustry-specif虻experiencemayaffecthisperformanceinM&Asindifferentways．Forexample，industryexpertCEOsofacquiringfrmsmaybebeaeratcreatingmorecombinedshareholdervalue(acquirerplustarget)ormaybetheyarebeReratcapturingmoreofthegai

7、nsfromthetargetshareholders．ThestudyresultshowsthatexperiencedCEOspayasmallerpremiumandengageinlower—valueacquisitionsonaverage．Inasense．thisalsoshowsthatexperienceinanindustrymakesaCEObeuerabletocapturevaluewhenbargainingwiththetarget．Ingeneral,theeffectsofvaluecaptu

8、reandvaluecreationarenotmutuallyexclusive．Yetouranalysisofthecombinedreturntoacquirerandtarget，aswellasaccountingperformance