高层管理团队工作高相关异质性对企业并购绩效影响的实证研究
Research on the Influence of Work-Related Heterogeneity of Top Management Team on M&A Performance

并购是企业快速扩张的手段，高层管理团队是并购决策的制定者和实施者，对并购绩效的重要性不言而喻。以往的研究对于高管团队的异质性在企业并购中的作用存在着争议，本研究在运用工作相关度区分高管团队异质性的基础上，探讨了高管团队工作高异质性与并购绩效的关系。运用多元回归的方法对来自2017年的7182个样本的实证分析表明：1) 高管团队的任期异质性对企业并购绩效具有负向影响；2) 教育水平异质性对企业并购绩效具有显著负向影响；3) 职能背景异质性对企业并购绩效显著正向影响；以上结果均通过稳健性检验。本文丰富了并购绩效的影响因素研究，以“工作相关度”为切入点证明了高管团队的工作高相关异质性对企业并购绩效的显著影响，有助于解决以往文献中关于高管团队异质性在并购中作用的争议，能为实践中企业高层管理团队的布局提供建议。
M&A is a means of rapid expansion of enterprises. As the maker and implementer of enterprise strategy, the importance of top management team to M&A performance is self-evident. Previous studies have been controversial about the role of top team heterogeneity in corporate M&A. This study investigates the relationship between work-related heterogeneity of top management teams and M&A performance based on the use of work relatedness to differentiate top management team heterogeneity. The empirical analysis using multiple regressions on a sample of 7182 from 2017 shows that: 1) the tenure heterogeneity of the senior management team has a negative impact on M&A performance; 2) the education heterogeneity of the senior management has a significant negative impact on M&A performance; 3) the functional heterogeneity of the senior management team has a significant positive impact on M&A performance; and all of the above results have passed the robustness test. This study enriches the research on the influencing factors of M&A performance, and takes “work-related” as the entry point to prove the significant impact of high work-related heterogeneity of senior management team on M&A performance, which helps to solve the controversy about the role of heterogeneity of the senior management team in M&A in previous literature, and provides suggestions on the layout of the top management team of enterprises in practice.