Research On The Influence Of Financial Background Director On Corporate Merger And Acquisition

With the continuous development of China's market-oriented economy,mergers and acquisitions have become a way for listed companies to expand their scale,enter new fields and increase the value of the company.Reasonable mergers and acquisitions are the way for enterprises to adapt to market economy and optimize resource allocation,which is also the external development strategy of enterprises,providing a way for enterprises to realize the maximization of benefits.As the decision-making body of enterprise management,the board of directors plays an important role in the development strategy of enterprises.Hambrick and Mason(1984)proposed the "upper echelon theory",think that exists between the management characteristic and the enterprise management closely,including mergers and acquisitions,management decision making by managers had a huge impact.Based on this,this paper chooses the characteristics of the financial background of board members to study its influence on corporate merger and acquisition behavior based on the "high-level echelon theory".And,according to the actual situation of China's economic development,this paper according to the nature of property rights and the different area,respectively,to study the samples of the board of directors under non state-owned enterprises,state-owned enterprises east Midwest financial background influence on m&a behavior;On this basis,this paper is divided into securities and financial background detail company background,commercial Banks and insurance company background,study respectively the three background influence on m&a behavior,in order to find reasonable conclusion.First of all,this paper makes a brief exposition of the research background and research significance,and summarizes the relevant literatures,extracts the essence and discard the dregs.Secondly,the theoretical basis of this paper is introduced and explained,and its transmission mechanism is explained.Again,according to the theoretical basis,this article has made the corresponding research hypothesis,and the construction of A theoretical model based on Logistic model,at the same time,the 2008-2015 in Shanghaiand shenzhen a-share listed company on the basis of the research sample,to swallow the missing data processing,according to the model set the members of the board of directors financial background influence on m&a behavior,and the sample points and classification samples under the background of financial research;Finally,the conclusions of this paper are given,and some Suggestions are put forward according to the research conclusions.The results show that the financial background of the board members is positively correlated with the m&a.The sample results of state-owned enterprises are the same as the total sample,and the two are not found to have significant correlation in the sample of non-state-owned enterprises.The sample results in the eastern and middle regions were the same as the total samples,and the samples in the western region showed obvious relationship between the two.The background directors of securities companies and the background directors of commercial Banks have a positive impact on the m&a of enterprises,and the background directors of insurance companies have no obvious influence.