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论文编号：	9425
作者编号：	2120152413
上传时间：	2017/6/22 9:34:19
中文题目：	董事会和高管团队群体特征对企业跨国并购模式选择的影响研究
英文题目：	Research on the influence of the group characteristics of the board of directors and the top management team on the choice of transnational mergers and acquisitions
指导老师：	林润辉
中文关键字：	跨国并购 进入模式 群体决策 人口背景
英文关键字：	Transnational merger Entry mode Group decision Demographic background
中文摘要：	企业并购是资本市场里最能体现市场效率的一环，也是企业实现快速扩张和跳跃式发展的重要战略手段。如何合理、有效地实施企业并购，来实现经济结构的调整和产业升级、完善公司治理结构，一直是政府、企业管理层和学者共同关注的重要课题。但是很多企业并购并没有获得成功，因此，并购对于母公司而言是否能起到积极的作用往往是理论研究争论的问题。在这样的背景下企业并购仍然频繁发生的原因是什么?这引发了人们透过现象追溯本源对并购动因的探讨。自从高阶理论模型被引入战略和组织科学领域以来，已有大量的实证研究证实高管团队的特征与企业战略和企业绩效存在相关性。从并购这一战略角度来看，对高管团队特征与企业并购绩效相关性检验的实证研究有很多，但关于高管团队特征与企业并购动因及并购方式的关系研究还处于起步阶段。本文以高阶理论和并购动因理论为基础，将高阶理论中的有限理性与企业并购的战略决策相结合，借鉴了高管团队传记性特征影响企业并购的传统研究范式，进行高管团队特征与企业并购之间关系的检验研究，在高管团队、企业并购等研究领域都有重要意义。 本文通过文献梳理和理论分析阐明从高阶理论视角研究高管团队特征与企业并购关系的合理性和必要性，选取董事会的规模、平均年龄、平均教育程度以及高层管理团队的规模、平均年龄、平均教育程度作为自变量，提出相关研究假设，通过实证研究探索董事会团队特征以及高层管理团队特征与企业跨国并购进入模式选择的关系，并从实践角度提出了提高并购效率和效果的对策建议。 本文选取近十年来中国母公司在国外进行跨国并购的案例作为研究的总体样本，删除信息不完善的样本之后得出370个有效样本，然后对这370个样本进行分析，通过logistic回归证实我国公司海外并购选择模式与高管团队的特征有相关性，其中董事会规模、平均年龄，高层管理的平均年龄成显性相关关系。
英文摘要：	Merger and acquisition(M&A)has become the important means to implement the enterprises’strategic expansion and it is helpful to realize the resource allocation in global market．How to capitalize upon M&A to realize business restructuring，update the products and services offered， and enhance corporate governance，has emerged as a growing concern for the management and scholars．But most enterprises didn’t gain success in M&A．What is the reason of M&A happened frequently since it Can not bring better proceeds to the enterprises．Since top management team(TMT) theory and Upper Echelons have been introduced into the areas of strategy and organization science，there are a large number of empirical studies in this area．The model on the relationship between TMT characteristics and firm strategies has been widely accepted．Many empirical studies have shown that TMT characteristics has relationship with the performance of M&A，but research on the relationship between top executives and the causes of M&A is still in the initial stage．Based on Upper Echelons and theory of M&A causes，this paper integrate and synthesize bounded rationality and strategic decisions on M&A，explores the relationship between TMT characteristics and M＆A． This papler clarifies the rationality and effectiveness of the relationship between TMT characteristics and M&Aby means of literature review and theoretical analysis. It chooses average age，percentage of male，and average educational grade as the TMT characteristics，explores the relationship between TMT characteristics and possibility of M&A，and the pertinence of TMT characteristics and M&A mode by empirical study．Finally,in terms of practice，this paper proposes several policy recommendations about efficiency and effect of M&A． This paper selects nearly ten years Chinese parent company transnational mergers and acquisitions abroad as the overall sample case study, after the deletion of samples of imperfect information obtained 370 valid samples, then the 370 samples were analyzed by the characteristics of our company, confirmed that overseas and purchase choice model and executive team logistic regression correlation. The size of the board of directors, the average age, the average age of the top management of the explicit relationship.
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