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

摘要： 为探究企业战略风险度和偏离度对并购行为的影响,本文以沪深A股2010~2017为样本数据,基于Logit和Possion模型对企业战略与并购行为的影响机制进行实证检验。结果显示:企业战略风险度与并购行为显著正相关,表明企业战略越是风险偏好型的企业,其并购倾向越高,并购次数越多;企业战略偏离度与并购行为显著负相关,表明企业战略越是偏离同行常规战略的企业,其并购倾向越低,并购次数越少。进一步研究表明,完善的内部控制、较高的薪酬激励和聘请稳健的高管能够有效约束由企业战略引起的过度并购和并购不足行为,促进并购行为合理化。本文基于企业战略视角研究并购倾向和并购次数,有助于理解并购行为形成的内在机制,同时,对上市公司并购行为的治理和风险管控亦提供了新的线索和证据。

关键词: 企业战略, 风险度, 偏离度, 并购行为, 潜在机制