关键词: 企业战略, 风险度, 偏离度, 并购行为, 潜在机制

Abstract: In order to explore the impact of the corporate strategic risk and deviation on the M&A behavior, this paper uses Shanghai and Shenzhen A-share listed companies from 2010 to 2017 as sample data, to empirically test the impact mechanism based on Logit and Position model: both the corporate strategy and M&A behavior. The results show that the strategic risk dimension of corporate is significantly positively correlated with the M&A behavior, which indicates that the more the corporate strategy is risk-oriented, the higher the M&A tendency is, the more the M&A times there will be. Meanwhile,the strategic deviation dimension of corporate is significantly negatively correlated with M&A behavior, which indicates that the more the corporate strategy deviates from the conventional strategy of the peers, the lower the M&A tendency is, the smaller the number of the M&A there will be. Further research shows that the complete internal control, the incentive of higher salary and the hiring of high-level executives can effectively restrain both the excessive M&A and M&A deficient caused by the corporate strategy, and promote the rationalization of the M&A. This paper studies the tendency as well as the number of M&A from the perspective of corporate strategy, which will help to understand the internal mechanism of M&A. At the same time, it also provides new clues and evidences for the listed companies to bring the M&A behavior under control and to well manage its risks.

Key words: corporate strategy, risk dimension, deviation dimension, M&A behavior, potential mechanism