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Study of Management Layer's Acting Motivation and MA Performance of Chinese Listed Company

机译:中国上市公司管理层的行为动机与并购绩效研究

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This article used 138 listed companies for samples which involved in expansionary M&A in Shanghai, Shenzhen A-share market in 2002, selected 2002-2004 as the time window for sample research, adopted the accountancy studies method to construct multivariate regression model, and studied the impact of the managers' acting motivation on M&A performance. Study found that M&A performance of the sample companies declined in M&A year, but then there was a significant improvement. The results showed that there was a positive correlation between management capability of managers, the proportion of state-owned shares and M&A performance, while cross-frontier M&A would have a negative influence on operating performance. Equity ratio of executives,management pay and other incentives did not significantly affect performance.
机译:本文以138家上市公司2002年参与上海,深圳A股市场扩张并购的样本为研究对象,选择2002-2004年为样本研究的时间窗,采用会计研究方法构建多元回归模型,并进行了研究。管理者的行为动机对并购绩效的影响。研究发现,样本公司的并购绩效在并购年份有所下降,但随后有了显着改善。结果表明,管理者的管理能力,国有股比例与并购绩效之间存在正相关关系,而跨境并购对经营绩效有负面影响。高管人员的股权比例,管理人员的报酬和其他激励措施对绩效没有显着影响。

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