文化差异影响CEO的并购决策吗？

摘要/Abstract

摘要：

文化是经济增长重要的决定因素，文化环境在CEO的成长和企业的决策中发挥着关键性的作用。我国南北方文化的差异由来已久，在企业中这种文化差异体现在CEO的决策行为上，CEO的文化差异影响着企业的并购决策行为。本文以2012年-2015年期间，我国A股上市公司的5498起并购事件涉及的2158位CEO、董事长为样本进行实证研究，发现北方籍贯的CEO存在并购次数更多，并购金额更大的情况，且较多实施多元化并购。与CEO相比，董事长对于公司并购决策并没有显著影响。与企业所在地文化背景相比，CEO文化背景对企业并购决策的影响起主要作用。进一步研究发现，在正式制度发展较差的区域，CEO文化差异对于并购决策的影响更加明显。

关键词: 文化差异, 企业并购, CEO决策

Abstract:

Culture is an important determinant of economic growth; cultural environment plays a key role in the growth of managers and the decisions of enterprises. The cultural differences between northern and southern China have a long history. In the enterprise, the cultural differences are reflected in the CEO's decision-making behavior. In this paper, we use a dataset of Chinese listed firms spanning from 2012 to 2015 to examine the relationship between 2,158 managers from northern and southern China respectively and 5,498 M&A deals they get involved in. We find that the count, value and diversity of M&A deals launched by CEOs from Northern China are larger than those from Southern China and chairman is not as dominant as CEO in M&A-related decision making. It is the cultural background of CEO rather than that of the place where the enterprise is located that plays the major role in M&A-related decision making. Further study finds that in the areas where corporate system is not well developed, the cultural background of CEO has a more significant influence on M&A-related decision making.

Key words: cultural difference, M&A, CEO's decision

李善民, 公淑玉, 庄明明. 文化差异影响CEO的并购决策吗？[J]. , 2019, 31(6): 144-159.

Li Shanmin, Gong Shuyu, Zhuang Mingming. Does Cultural Difference Affect CEO's Merger & Acquisitions Decision?[J]. , 2019, 31(6): 144-159.

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