An Empirical Study On The Characteristics Of The Senior Management Team And The Performance Of Corporate Mergers And Acquisitions

M&A is an important means of enterprise scale and enhance competitiveness,in recent years,along with our country the merger process simplified,M&A activity between enterprises are numerous,but these merger and acquisition activity is really effective,is still questionable whether achieve expected purpose.Senior executives as enterprise important human resources in enterprise merger and acquisition activity in the key position,how the background characteristics affect M&A performance,number of scholars on the research of this field is still less.This article through to the Shanghai and Shenzhen A shares in 2014-2016 manufacturing industry consolidation behavior of 81 companies,executives' age,education,gender,political background for the independent variable,with manufacturing enterprise M&A performance as the dependent variable.In high order theory and on the basis of higher-order theory and previous scholars' research,this paper puts forward relevant research hypotheses and completes the construction of panel model,and concludes the relevant conclusions.The results show that there is a significant correlation between the performance of the company's M&A performance.In the homogeneity index,the average age and average educational level of senior management team members have positive influence on the M&A performance of manufacturing enterprises.In heterogeneity index,age,record of formal schooling of executive team members difference has a negative effect on M&A performance,and political background of executives to improve the enterprise M&A performance plays an important role,the proportion of female executives has no significant influence on the M&A performance of enterprises.Therefore,the selection of senior executives should be tilted to the relatively senior,highly educated and politically motivated personnel to improve the M&A performance of enterprises.