公司治理、经验学习与企业连续并购——基于我国上市公司并购决策的经验证据
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财经研究 2011 年 第 37 卷第 10 期, 页码：125 - 135
摘要
参考文献
摘要
文章以2004-2008年我国上市公司的1 480起并购事件为样本,运用事件历史分析方法研究了公司治理和经验学习对企业连续并购行为的影响。研究发现:(1)并购管理程序熟练程度和以往并购绩效反馈都会增加连续并购决策的发生概率;(2)国有股权、管理层持股比率的增加、CEO和董事长两职合一会促进企业连续并购的发生,而具有较高独立性的董事会则可能会降低企业并购的发生概率;(3)国有股权、管理层持股比率、董事会领导结构和董事会独立性会强化经验学习对并购决策的影响效果。
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[2]王晓初,俞伟峰.企业收购绩效与公司治理———内地和香港上市的中国企业实证分析[J].会计研究,2007,(8):51-59.
[3]Aiken L S,West S G.Multiple regression:Testing and interpreting interactions[M].Newbury Park,CA:Sage Publications,1991.
[4]Daily C M,Dalton D R,Cannella A A.Corporate governance:Decades of dialogue and data[J].Academy of Management Review,2003,28(3):371-382.
[5]Dalton D R,Daily C M,Trevis Certo S,et al.Meta-analysis of financial performance and equity:Fusion or confusion?[J].Academy of Management Journal,2003,46(1):13-26.
[6]Denis D J,Denis D K,Sarin A.Agency problems,equity ownership,and corporate diver-sification[J].Journal of Finance,1997,52:135-160.
[7]Haleblian J,Kim J,Rajagopalan N.The influence of acquisition experience and perform-ance on acquisition behavior:Evidence from the U.S.commercial banking industry[J].Academy of Management Journal,2006,49:357-370.
[8]Hitt M A,Harrison J S,Ireland R D.Mergers and acquisitions:A guide to creating val-ue for stakeholders[M].New York:Oxford University Press,2001.
[9]Huber G P.Organizational learning:The contributing processes and the literatures[J].Organization Science,1991,2(1):88-115.
[10]Iyer D N,Miller K D.Performance feedback,slack,and the timing of acquisitions[J].Academy of Management Journal,2008,51:808-822.
[11]King D R,Dalton D R,Daily C M,et al.Meta-analyses of post-acquisition performance:Indications of unidentified moderators[J].Strategic Management Journal,2004,25:187-200.
[12]Rediker K J,Seth A.Boards of directors and substitution effects of alternative govern-ance mechanisms[J].Strategic Management Journal,1995,16:85-99.
[13]Senge P M.The fifth discipline:The art and practice of the learning organization[M].New York:Doubleday/Currency,1990.
[14]Tainio R,Lilja K,Santalainen T J.The role of boards in facilitating or limiting learning in organizations[A].Dierkes M,Antal A B,Child J,et al.Handbook of Organizational Learning and Knowledge[C].New York:Oxford University Press,2003.
[15]Westphal J D.Collaboration in the boardroom:Behavioral and performance conse-quences of CEO-board social ties[J].Academy of Management Journal,1999,42(1):7-24.
[16]Wright P,Kroll M,Lado A,et al.The structure of ownership and corporate acquisition strategies[J].Strategic Management Journal,2002,23:41-53.
引用本文
郭冰, 吕巍, 周颖. 公司治理、经验学习与企业连续并购——基于我国上市公司并购决策的经验证据[J]. 财经研究, 2011, 37(10): 125–135.
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