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论文编号：	9289
作者编号：	1120130818
上传时间：	2017/6/19 18:30:26
中文题目：	绩效反馈下企业董事会—CEO分阶段反应对并购决策的影响
英文题目：	The impact of Board-CEO respons to performance feedback by step on acquisition decision
指导老师：	周建
中文关键字：	绩效反馈；并购决策；损失厌恶；赌场盈利效应；模仿性；董事会资本构成
英文关键字：	Performance feedback; Acquisition decision; Loss aversion; House money effect; Imatition behavior; Board capital
中文摘要：	近年来，中国经济发展被称为“新常态”化， 一个明显的标志在于GDP为代表的绩效指标呈现出的增长趋势逐渐放缓。以政府工作报告的年度预期和次年的实际经济增长作为一组参照，这些数据展示了经济增长逐渐逼近甚至开始落后于最初预期的现象。与此同时，在资本市场中，企业之间的并购交易额和交易数量却在逐年上升。这一现象表明，在当前我国的经济背景下，引起企业并购决策的动因可能在于绩效反馈的问题搜寻。问题搜寻机制驱动并购决策在战略管理领域的研究中近年来开始受到重视，但绩效反馈如何塑造并购决策的形成方向忽视了战略领导层的决策过程，绩效反馈引起的风险承担决策在企业之间差异性的一个重要的原因在于，作为企业决策主体的董事会—CEO对绩效反馈的反应不同。在企业的一般决策框架内，董事会—CEO分阶段介入决策并完成反馈—反应的决策过程，我们据此提炼了本文的科学研究问题，董事会—CEO分阶段介入并回应绩效反馈，如何影响并购决策的完成？ 在本文中，我们聚焦于董事会—CEO构成的决策主体，从企业行为理论的视角分析了董事会—CEO对绩效反馈的反应如何影响绩效反馈驱动并购决策的完成，为当前经济背景下绩效反馈对并购决策的驱动作用提供了更为细致的解构。通过董事会—CEO的一般决策过程和阶段的结合，我们分别研究了在决策提议的形成阶段，CEO对绩效反馈的回应如何塑造并购决策形成的差异性，以及在董事会决策屋内的决策完成阶段，董事会基于绩效反馈的反应如何影响绩效反馈驱动并购决策的完成。在以CEO为主导的并购决策提议形成阶段，我们分析了CEO基于绩效反馈的损失厌恶，赌场赢利效应以及模仿性行为过程对于并购决策提议形成的影响，在董事会主导的决策屋内决策管理阶段，我们借助董事会资本构成分析了董事会基于绩效反馈的反应对并购决策的影响。 我们使用了沪深两市A股2010-2015年并购交易事件发生最多的制造业行业上市公司作为初始研究样本，在CEO—董事会两个分阶段的研究内容中，样本分布分别为3595以及1869个观测值。通过并购发生概率模型，以及并购发生数量模型的构建，使用混合Logit回归并聚类稳健标准误方法，以及混合效应零截尾Piosson回归方法，我们分别检验了CEO在绩效反馈下的损失厌恶，赌场盈利效应和模仿性行为过程对于并购决策的影响，以及董事会资本构成中的社会资本，董事会与CEO人力资本异质性以及董事会被激励程度对并购决策完成过程的调节性影响。 我们的研究发现：绩效反馈引起的损失厌恶程度使CEO面对绩效与期望差距的正向反馈逐渐缩小，以及绩效与期望差距的负向反馈逐渐缩小时，会在随后增加并购决策。进一步的研究发现，在面对绩效与期望的正向反馈缩小时，以前年度在资本市场上获得较高超额收益的企业更容易形成并购决策，原因在于赌场盈利效应，即在资本市场获利的企业更愿意继续将所得投入到资本市场中进行并购，但是这一现象在CEO面对绩效与期望负向反馈时并不成立。同时，绩效反馈引起搜寻决策时，行业内企业并购决策的可模仿密度对CEO随后并购决策正向调节作用明显，正向差距缩小引起的并购决策在可模仿密度较高时，这种趋势会被进一步加强。在董事会基于绩效反馈为决策提供支持时，我们发现，董事会社会资本，在面对绩效正向反馈时对于企业并购决策的形成提供的支持程度更高，而在面对负向反馈时繁忙董事对于是否做出并购决策并没有提供明显的帮助。董事会与CEO之间的人力资本异质性对于并购成功性和并购频频数之间有显著的调节关系。人力资本异质性提高了绩效反馈形成并购的概率，但是降低了随后的并购决策总数量，尤其是是在面临正向反馈时。我们最后的研究发现了董事会持股对增加绩效反馈下并购决策数量的负向调节作用。 本文的研究创新在于：首先，使用企业行为理论，以绩效反馈的问题搜寻解释企业并购决策的形成，对当前我国企业并购决策的动因研究是一种补充。其次，从高管层面研究董事会—CEO对绩效反馈的反应如何形成并购决策，补充了企业行为理论中问题搜寻如何形成决策具体方向的研究，尤其是绩效反馈与风险承担决策在企业战略领导层之间的差异性。并且，结合代理理论的决策过程和对决策阶段的划分，通过企业行为理论下并购决策多重主体与不同的决策阶段结合细化了并购的决策过程分析。最后，分析董事会—CEO面对绩效反馈在决策过程中分阶段反应的行为过程，例如损失厌恶，赌场赢利效应，模仿性行为过程，以及董事会基于资本构成的能力差异对决策的不同支持程度，这些反应过程的分析为并购决策在董事会与CEO构成的决策框架内如何被塑造提供了社会心理学视角的证据，扩展了企业行为理论在并购决策框架内的运用。
英文摘要：	In recent years, economic development in China was known as the "new normal", one of the significant characters was the performance represented by GDP increase slowly down .Comparing the government work report and the following year actual economic growth, the data shows the economic growth began to lag behind the initial aspirations. While in the capital markets, Numbers and values of Mergers and Acquisitions (M & A) increased simultaneously. The facet shows M&A decision were driven by performance feedback so called problems search in current years. Despite the growing prominence of the perspective M & A decision making driven by problematic search mechanism in strategic management research field, how performance feedback shaping direction of the M&A decision ignored the strategic leadership in decision process. One of the main reason caused risk taken differently between firms was board and CEO response to performance feedback differently between firms. Within the framework of general decision making, board and CEO complete decision by steps and feedback-respond process, thus we abstract our research question on the basis of above: How board and CEO response to performance feedback in steps has the impact on completion of M &A decision? This paper focus on the decision-making subject of board and CEO, we analyzed how board of directors and CEO response to performance feedback has the effect on completion of the M&A decision-making driven by performance feedback based on firm behavior theory, gived explicit explanation for performance feedback driving M&A decision in current economic background. By the combination of board and CEO involvement steps and general decision-making frameworks, we studied how CEO’s response to performance feedback shape the differences of M&A decision in decision formation and proposed step, and how board's ability to support decisions affect the relationship between the performance feedback and M&A in decision management step in boardroom.In acquisition decisions proposed forming steps dominated by CEO, we analyzed loss aversion, house money effect and imitative behaviors impact on M&A decision based on performance feedback.On board of directors decision management step inside boardroom, we analyzed the regulatory impact of differences decision support provided from board capital on the relationship between performance feedback and M& A decision. Our research were built on Shanghai and Shenzhen A-share listed companies in manufacturing industry, those companies M&A events occurred most in all the industries between 2010-2015, in the following research content,CEO and board decision were divided into two steps, sample distribution was respectively 3595 and 1869 observations. We built our research on merger and acquisition probability model and numbers model, pulled Logistic regression through clustering of robust standard and pulled effect of the zero truncated Poisson regression were run in the research. Loss aversion, house money effect and the imitative process impact on M&A decision-making based on performance feedback for CEO were examined, and board capital comprised social capital, human capital heterogeneity between CEO and board, and board incentive regulatory impact of M&A decision were examined as well. Our research find loss aversion for CEO respond to performance feedback ,when facing positive feedback of performance and aspiration gap gradually narrowed, and the performance and the negative feedback of expectation gap reduced gradually, subsequent acquisition decisions increased. Further study found when facing positive feedback of performance and aspirations shrink, subsequent acquisition decisions were more inclined to generated when experienced high abnormal returns in the capital market as a result of house money effect, firms were more inclined to take acquisitions in capital market with the money earned in capital market, but this result were not significant when facing a negative feedback between performance and aspiration for CEO. Another process in Problematic search decisions driven by performance feedback was imitate density in industry has the significant regulatory effect when making M&A decision respond to performance feedback. M&A decision driven by positive feedback gap narrowed will be even higher in high extent imitate density. When examined the decision support provide from the board respond to performance feedback, the result showed social capital, represented by busy board, given an even positive support for M&A decision under positive feedback performance but not negative. Human capital heterogeneity between board and CEO has a significant regulatory effect on acquisitions success and the numbers driven by performance feedback. Human capital heterogeneity increased the probability of acquisitions driven by performance feedback, but decreased the total numbers. The final result was negative regulatory effect on relationship between performance feedback and M& A from board equity. Our research have several contributions: We give a supplementary explanations for acquisition driven factors in domestic research field through performance feedback of firm behavior theory. Second, the study of how subjects respond to performance feedback shape acquisitions, supplemented how problematic search direction were generated in firm behavior theory, and differences relationship between performance feedback and risk taken decisions. Additionally, our research detailed the influence from multiple subject and different steps in decision-making process as a whole, building on the combination of decision process and steps division according to agency. Finally, the analysis of the board of directors, CEO respond to performance feedback process, such as loss aversion, house money effect, imitative behavior process, and support extent provide based on board ability and attribute, the analysis of respond process provide social psychology evidence for decision-making were shaped within framework comprised board and CEO, our research extends the application boundary for firm behavior theory within the acquisition decision framework.
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