Research On The Influence Of Background Characteristics Of Executives Of Listed Companies In China On M&A Performance

In recent years,in order to adapt to the need of the global economic transformation and industrial adjustment,the Mergers and Acquisitions(M&A)activity presents a trend of rapid development,and the research of the M&A performance has become a hot research topic in the academic field.This paper based on the perspective of top management team(TMT),considering the influence of TMT background characteristics on the performance of M&A,the conclusion of the study for the company reasonable allocation of TMT,internal governance,enhance the performance of M&A has certain practical significance.Based on the review of related literatures,this paper firstly analyzes the relationship between the TMT background characteristics and the corporate M&A performance,.Secondly selects the data of 108 listed companies,from 2010 to 2015 as samples,and these enterprises mergers and acquisitions in 2012.Based on the Super Efficiency DEA,the performance of the sample before and after the M&A is measured,then descriptive statistical analysis is carried out on the relationship between the background characteristics of TMT and the changes of the M&A performance of the samples.Thirdly the gray correlation model is used to analyze the relationship between the TMT background characteristics and the M&A performance in the M&A companies.Finally,the binary logistic regression model is established to analyze the impact of the TMT background characteristics on the M&A performance.On the basis of the above analysis,this paper puts forward suggestions on how to allocate top management team to enhance the performance of M&A.Through the analysis,the following conclusions are shown as follows:First,according to the descriptive statistical analysis of the M&A performance,the performance of listed companies after M&A increased first,then descend,and then increased.Taken together,the performance of listed companies after M&A has a certain promotion.Secondly,the gray correlation analysis between the background characteristics of the TMT and the M&A performance indicates there is a strong correlation between the TMT background characteristics and the M&A performance.Third,based on the binary logistic regression model,the results indicate the various characteristics of the TMT on the M&A performance have varying degrees of impact.The High proportion of women and the high average age in the TMT are not conducive of the improvement of the M&A performance.The longer the average tenure of the TMT,the better the performance of M&A.The average education level and the team size are conducive to the improvement of M&A performance.The age heterogeneity and the education level heterogeneity have a little positive impact on the M&A performance.Therefore,when the companies need to reconstruct the TMT after the M&A,the companies should focus on the features which have an important impact on the M&A performance,combining the advantageous features together.The proportion of women in the TMT should not be too high,and try to maintain the stability of the TMT,Set up a highly educated youth of the TMT to maximize the performance of the company's M&A.