Vertical Dyads Of Characteristics In Top Management Team,Ownership Balance And M & A Performance

At present,in the capital market and the rapid development of their own business under the dual drive,China will continue for some time the upsurge of mergers and acquisitions,corporate mergers and acquisitions will continue to be the focus of the academic community.Since the completion of the split share structure reform in China,the ownership structure has always been the focus of scholars to study,and equity checks and balances as an important dimension of the ownership structure,the concern caused by far less than the concentration of ownership;but China's current listed companies equity Relatively concentrated,small and medium shareholders and major shareholders of the agency between the prominent issues,equity checks and balances need to pay enough attention.Enterprise executives team is an important manifestation of enterprise soft power,is the most important intangible assets.As the helm of the enterprise course,the executive team to a large extent determine the fate of the enterprise.China has always been influenced by Confucian traditional culture,and people are more sensitive to authority and rank differences.And because of the deep-rooted authoritative thinking and hierarchical concepts,so that we consider the characteristics of the executives of listed companies,the need for hierarchical differences to consider the impact.Based on the above considerations,this paper chooses the listed companies listed on the Shanghai and Shenzhen listed companies from 2010 to 2015 to study the relationship between the four vertical characteristics of the executive team and the performance of M & A,equity checks and balances and M & A performance.Checks and balances,the executive team four vertical characteristics of the impact of M & A performance has changed Research found:(1)the vertical age of the executive team is positively related to the performance of the M & A,but not significant:(2)the gender verticality of the executive team has a significant positive correlation with the performance of the M & A;(3)the seniority of the executive team has a positive correlation with the performance of the M & A;(4)the seniority of the senior management team has a significant positive correlation with the performance of the M & A performance;(5)the equity checks and balances with the enterprises and the performance of the enterprise's performance;(6)In the enterprise with the mechanism of equity checks and balances,the gender verticality of the executive team has more significant impact on the characteristics of the characteristics,the verticality of the academic characteristics and the vertical term of the performance to the M & A performance.The research of this paper is to study the influence of the difference of demographic characteristics of executive team on the performance of M & A,which enriches the domestic research perspective on the characteristics of executive team.At the same time,equity checks and balances are an important part of internal governance structure,Help listed companies to promote the reform of ownership structure,the formation of a good mechanism of equity checks and balances.