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“一带一路”和“亚投行”为新常态下中国企业跨国并购提供了新机遇。本文基于上层梯队理论视角,检验了不同产权性质下管理层团队特征、会计稳健性与跨国并购价值创造效应的关系。研究发现:会计稳健性与跨国并购价值创造效应正相关;管理层平均年龄、任职期限和学历水平,正向调节会计稳健性与跨国并购价值创造效应的关系,平均年龄、任职期限的调节作用在国有企业中体现得更为明显,学历水平的调节作用则在民营企业中更为显著。
The Belt and Road initiative and the AIIB have provided new opportunities for cross-border mergers and acquisitions by Chinese enterprises in the new normal. Based on the theory of the top echelon, this paper examines the relationship between management team characteristics, accounting conservatism and the value creation effect of cross-border M & A under different property rights. The findings are as follows: accounting conservatism is positively correlated with the value creation effect of cross-border mergers and acquisitions; the average management age, terms of office and academic qualifications positively regulate the relationship between accounting conservatism and the value creation effect of cross-border mergers and acquisitions; mean age, In the state-owned enterprises, the manifestations are more obvious, and the regulatory role of academic qualifications is more prominent in private enterprises.