论文部分内容阅读
本文以A股国有控股上市公司为研究样本,从政治晋升角度考察了企业高管年龄与并购活动之间的内在联系。结果显示47岁(57岁)以下群体的高管年龄与并购行为之间显著负相关;进一步研究发现,市场化程度对年龄与并购之间这种负相关系具有弱化作用。我们的实证结果与职业生涯关注影响高管投资决策的假说是一致的。本文将政治晋升话题的研究对象与范畴从政府官员拓展到企业层面,深化了官本位思维对经济微观层面影响的理论认知。
In this paper, A-share state-controlled listed companies as a sample of the study, from the perspective of political promotion examine the age of executives and mergers and acquisitions between the intrinsic link. The results showed that there was a significant negative correlation between senior management age and mergers and acquisitions in the following groups of 47-year-olds (57 years old). Further research found that the degree of marketization has weakened effect on this negative correlation between age and M & A. Our empirical results are consistent with the hypothesis that career concerns affect executive investment decisions. This article expands the research objects and categories of political promotion topics from government officials to the corporate level, deepens the theoretical understanding of the impact of official-level thinking on the economic micro-level.