Research About The Relationship Between The Background Of Top Manager Team’s Characteristics And M&A Performance In Listed Companies

Corporate mergers and acquisitions as an important economic means to optimizethe allocation of resources to improve its economic efficiency and thus theimplementation of the adjustment of industrial structure, enterprise scale, more andmore attention by enterprises in the period of China ’s economic transformation.Stigler, American economist examine U.S. corporate growth path once pointed out:"There is no one large U.S. companies are not grown up to some extent, some form ofmergers and acquisitions, hardly a big company rely on internal expansion to grow up." Since the1990s, China continues to accelerate the process of reform and opening up,the securities market also gained rapid development of increasingly sophisticatedmarket system, along with merger and acquisition activity among Chinese enterprisesalso began to appear frequently. The result, however, made us surprised differencesbetween enterprises on the M&A success or failure is very obvious. A large numberof enterprises experienced M&A performance is unsatisfactory at the same time, alarge number of world-renowned enterprise GE, HSBC but through successfulimplementation of the M&A activity gained rapid development of strength has beenrapidly upgrading. All in all, the behavior of the majority of corporate mergers andacquisitions do not achieve the desired results, then how to improve the performanceof corporate mergers and acquisitions, corporate development, achieve economies ofscale, and enhance their international competitiveness, not only by scholars fromvarious countries and the focus of attention, but also a real problem facing enterprisesin M&A activity.Enterprise managers responsible to make a rational analysis of the real issues, inorder to formulate an effective M&A strategy, and make effective resource allocationdecision-making and M&A decision-making responsibility for the current situation,managers whether the team for mergers and acquisitions behavior able to improvecorporate performance are closely linked. In this paper, based on the analysis of Hambrick and Mason in the senior echelon theory, collect the2011Shanghai andShenzhen listed companies for the study, the use of empirical research methods,inspection listed on the M&A activity in the enterprise managers management scale,independent director proportion, in-service period, the proportion of female managers, academic qualifications, the average age of the background characteristicsrelationship with the performance of mergers and acquisitions in the predecessors thebasis of the analysis of the full sample of M&A activity in the listed companies.Depending on the type of mergers and acquisitions, the full sample is dividedinto horizontal merger, vertical mergers and acquisitions, and mixed merger of threetypes, namely, research managers background characteristics of the three M&A type,which previous studies had not been involved in the content, thus form innovation ofthis paper, the empirical results show that there is a significant correlation of thebackground characteristics of the part of the managers with the performance ofmergers and acquisitions.