CEO年龄、公司治理与海外并购——来自我国沪深股市的经验数据(2009~2014)

doi:10.12005/orms.2018.0246

运筹与管理 ›› 2018, Vol. 27 ›› Issue (10): 174-184.DOI: 10.12005/orms.2018.0246

CEO年龄、公司治理与海外并购——来自我国沪深股市的经验数据(2009~2014)

刘烨, 曲怡霏, 方磊, 裴冬雪

东北大学工商管理学院,辽宁沈阳 110819

收稿日期:2016-09-04 出版日期:2018-10-25
作者简介:刘烨(1969-),女,辽宁沈阳人,副教授,博士,研究方向:产业组织与公司治理;马磊磊(1991-),女,内蒙古鄂尔多斯人,硕士,研究方向:公司治理;曲怡霏(1992-),女,辽宁鞍山人,硕士,研究方向:公司治理;裴冬雪(1991-),女,内蒙古通辽人,硕士,研究方向:公司治理。
基金资助:
国家重点研发计划课题(2017YFB0304203-5)

CEO Age, Corporate Governance and Overseas M&A——an Empirical Evidence of Shanghai and Shenzhen Stock Markets from 2009 to 2014

LIU Ye, QU Yi-fei, FANG Lei, PEI Dong-xue

School of Business Administration,Northeastern University,Shenyang 110819,China

Received:2016-09-04 Online:2018-10-25

摘要/Abstract

摘要： 本研究基于高阶理论、委托代理理论和最优契约理论,运用沪深两市上市公司在2009~2014年的海外并购数据,对CEO年龄以及与CEO紧密相关的公司治理对企业海外并购决策进行了实证研究。实证结果表明:(1)CEO年龄整体上与企业海外并购决策负相关,说明年纪越大的CEO越不倾向于进行海外并购,越年轻的CEO则越倾向于实施海外并购。在年龄组Ⅰ(<=40岁)中,CEO年龄与企业海外并购决策在5%的水平上显著负相关,说明在年龄小于等于40岁的CEO中,也就是处于青年成熟期的CEO越倾向于实施海外并购;处于中年稳健期(年龄组Ⅲ,49~55岁)的CEO,随着管理经营经验的不断累积,年龄越大越倾向于实施海外并购。(2)在公司治理对海外并购决策的影响方面,股权集中度与海外并购决策正相关,股权集中程度越高就越容易进行海外并购;CEO持股比例与海外并购决策负相关,CEO持股比例越高,CEO越不会做出海外并购决策。

关键词: CEO年龄, 公司治理, 海外并购

Abstract: Building upon the higher-order theory,principal-agent theory and optimal contract theory,this paper uses the Shanghai and Shenzhen listed companies’ overseas M&A data from 2009 to 2014 to demonstrate the relationship between CEO age, and corporate governance that is closely related to CEO and overseas M&A decision. The empirical results show that:(1)Overall,CEO age is negatively related to the enterprise overseas M&A decision,in another word,the older CEO is,the less tendency for overseas M&A it has. Younger CEO is more likely to announce an overseas M&A. In Age GroupⅠ(<=40 years old),there is a significant positive relationship between CEO age and overseas M&A,in another word,in the age group of not more than 40 years old, a young-mature period, younger CEO is more likely to implement an overseas M&A. Middle-aged steady-stage CEO (Age Group Ⅲ,49-55 years of age)is more likely to pursue an overseas M&A as his management experience increases with his age. (2) Regarding corporate governance, there is a positive relationship between ownership concentration and overseas M&A. The higher the ownership concentration is,the bigger the possibility of overseas M&A is. Besides,CEO ownership is negatively related to the overseas M&A decision.

Key words: CEO age, corporate governance, overseas M &, A

中图分类号:

F202

刘烨, 曲怡霏, 方磊, 裴冬雪. CEO年龄、公司治理与海外并购——来自我国沪深股市的经验数据(2009~2014)[J]. 运筹与管理, 2018, 27(10): 174-184.

LIU Ye, QU Yi-fei, FANG Lei, PEI Dong-xue. CEO Age, Corporate Governance and Overseas M&A——an Empirical Evidence of Shanghai and Shenzhen Stock Markets from 2009 to 2014[J]. Operations Research and Management Science, 2018, 27(10): 174-184.

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CEO年龄、公司治理与海外并购——来自我国沪深股市的经验数据(2009~2014)

CEO Age, Corporate Governance and Overseas M&A——an Empirical Evidence of Shanghai and Shenzhen Stock Markets from 2009 to 2014

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