论文总字数：30235字

摘 要

自19世纪末、20世纪初第一次全球企业并购浪潮以来，并购正以难以想象的速度席卷全球，成为企业发展壮大的重要战略手段。并购的类型和方式也日益多样化，并购类型有横向并购、纵向并购以及混合并购，并购方式有现金购买资产、现金购买股票、股权交换、债权转股权等多种方式。

并购之所以成为当今企业扩大规模的一种主要方式，一方面在于它使企业可以以最直接的方式获得目标公司的资产，扩大市场份额；另一方面并购还可以使不同规模的企业的管理者实现自我价值、建立起自己的企业王国。但是在并购成功案例的背后，也隐藏着许多失败和损失。企业并购的动机是什么，并购是否能为企业创造价值，是目前学者研究的主要方向。而作为并购活动中重要的一员——企业CEO的偏好对于企业的并购的影响却很少有人研究。

本文将从CEO年龄的角度出发，对沪深两市的A股数据进行实证分析，研究CEO的偏好对企业并购的影响。因此，本文提出了三个假设并建立模型进行实证研究分析。假设1为CEO年龄与企业并购活动呈负相关关系，即年轻的CEO倾向于进行并购活动，而年龄大的CEO不愿意进行并购；假设2是企业主动发起并购会给企业带来绩效的增加，而接受并购会导致绩效下降；假设3是CEO年龄与企业并购绩效之间为正相关关系，即在同样进行并购的情况下，年长的CEO的并购绩效相对于年轻的CEO来说更好。

为了验证以上的假设，本文主要通过Stata软件进行多元回归。对于假设1我们采用Logit模型进行回归，对于假设2和假设3我们采用多元线性回归模型进行回归。实证结果显示，在5%的显著性水平下，CEO年龄与企业并购活动负相关；在10%的显著性水平下，CEO年龄与企业接受并购之间是正相关的，即CEO年龄越大，越不愿意发起并购活动，相反更倾向于接受其他企业的并购。而企业发起并购活动会给企业的绩效带来显著提升，而接受并购会使企业的绩效显著下降。通过实证我们还发现CEO的年龄与企业绩效是负相关的，即CEO年龄越大，企业绩效越差；而在同样发生并购活动样本中，CEO年龄与并购绩效负相关，但是这种负相关性是不显著的，这与我们变量的设置以及样本期间较短有关。

关键词：CEO年龄, 并购活动, 并购绩效

CEO Age, Behavioral Preferences and Enterprise Mergers and Acquisitions: Evidence from Chinese Listed Companies

Abstract

Since the first the global wave of mergers and acquisitions in the late 19th century and early 20th century, mergers and acquisitions are sweeping the globe at an unimaginable speed, mergers and acquisitions has become an important strategic tool for enterprises to grow. Type and the way of mergers and acquisitions is also increasingly diverse, merger and acquisition can be divided into horizontal, vertical and conglomerate merger by its type, and the modes of Mamp;A’s payment are varied, like the cash buying assets, cash buying equities, equity swapping, debt-to-equity swapping and other modes.

Mergers and acquisitions has become a major way of enterprise to expand their scale. On the one hand, Mamp;A is the most direct way for a company to get the assets of the target company and expanded market share. On the other hand Mamp;A can also make different size of Enterprise Manager realize self-worth, establish their own empire. But behind the merger case, also hides many failures and losses. What are the motives of enterprise to merger and do acquisitions create value for enterprises, are the main directions of current research. As a member of the mergers and acquisitions—the corporate CEO's preference is very important, but only few people studied their effect of mergers and acquisitions.

This article studies the effect of CEO's preference for merger from the perspective of CEO age, empirical analyzing the Shanghai and Shenzhen's A-share data. Therefore, this paper proposes three hypotheses and models of empirical research and analysis. Assumption 1:the relationship between CEO age and Enterprise merger activities is negative correlated, that means young CEOs tend to make a takeover bid, and older CEOs are not willing to make an acquisition; Assumption 2 is that enterprises initiated merger will bring increases to their performance while accepting merger will bring decrease to their performance; Assumption 3 is that the relationship between CEO age and Enterprise’s merger performance is positive correlated, that means for the corporates initiated mergers and acquisitions, the older of CEO ,the better of the merger performance. We also embarked on empirical research to prove the above assumption.

In order to verify the above assumptions, this paper mainly uses Stata software to conduct regression. For hypothesis 1, we use Logit regression model, for Hypothesis 2 and Hypothesis 3 we use multiple linear regression model to do regression. The empirical results show that at the 5% level of significance, CEO age and mergers and acquisitions activity are negatively correlated. At 10% significance level, CEO age and companies to accept mergers and acquisitions is a positive correlation, this means the older the CEO is, the more reluctant to initiate merger and acquisition activity, the more likely to accept mergers and acquisitions. Initiating the merger will bring significantly improvement performance, and accept the merger will significantly decrease the performance of the enterprise. We also found that the empirical CEO's age is negatively correlated with corporate performance, that the older the CEO is, the poorer the corporate performance is; and in the sample of M amp; A activity, we also find that CEO age is negatively related to M amp; A performance, but the negative correlation is not significant, which is related to our short sample period and variable selection.

KEY WORDS: CEO age, Mergers and acquisitions, Mamp;A performance

目 录

摘要 I

Abstract II

第一章 导论 - 1 -

1.1 选题背景及意义 - 1 -

1.2 研究思路 - 1 -

1.3 可行性分析 - 3 -

第二章 文献综述 - 3 -

2.1 并购的动因研究 - 3 -

2.2 企业并购绩效及其影响因素研究 - 5 -

2.3 CEO行为偏好——CEO年龄特征的研究 - 7 -

2.4 文献简评 - 8 -

第三章 研究假设 - 8 -

3.1 CEO年龄对企业并购活动的影响 - 8 -

3.2 并购活动对企业绩效的影响 - 8 -

3.3 CEO年龄对企业并购绩效的影响 - 9 -

第四章 研究设计 - 9 -

4.1 样本来源及选取 - 9 -

4.2 模型构建 - 9 -

4.3 变量设置 - 9 -

4.4 描述性统计分析 - 11 -

第五章 实证结果与分析 - 12 -

5.1 相关性分析 - 12 -

5.2 多元回归分析 - 13 -

第六章 结论与建议 - 17 -

6.1 结论 - 17 -

6.2 建议 - 17 -

6.3 反思与总结 - 18 -

参考文献 - 18 -

致谢 - 20 -

第一章 导论

1.1 选题背景及意义

自19世纪末、20世纪初发生的第一次全球企业并购浪潮之后，到20世纪90年代末由美、日、欧等发达国家企业发起的第五次并购浪潮，并购的数量迅速增长，并购的规模越来越大，并购的类型和方式也更加的多样化，按并购的类型可以分为横向并购，纵向并购以及混合并购，同样并购的支付方式也是多种多样，有现金购买资产、现金购买股权、股权交换、债权转换股权等多种方式。并购正以其多样的身影活跃在资本市场的舞台上。

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