| As an effective strategic behavior for enterprises to pursue economies of scale,improve economic efficiency,and rationally allocate resources,M&A is increasingly favored by enterprises during the economic transition period.By 2017,the amount of M&A transactions of listed companies in China has reached 2.77 trillion yuan,and the M&A market has leapt to the second place in the world.As the manager of the company,the company’s executives undertake the mission of formulating and implementing the M&A strategy,which has a significant impact on the M&A performance.In recent years,a large number of women have entered the corporate executive team.In 2017,the proportion of female executives in China’s domestic enterprises increased by 5% to 30%,higher than the global average of 24%,ranking 12 th among the 36 major economies in the world.With the increase of the proportion of women in the senior management team of listed companies in China,the role of female executives in the workplace is increasingly apparent.Female executives,as one of the company’s decision-making subjects,have an important impact on the performance of corporate mergers and acquisitions.Under the background that listed companies are keen on mergers and acquisitions and the M&A market is active,will the female members of the executive team have an impact on the performance of listed companies after the merger? What is the path of this influence? These issues deserve the attention and in-depth discussion of the academic community.In view of this,this paper uses the Wind M&A database,the Guotaian Economic and Financial Database(CSMAR)2007-2017 financial data,and uses the data envelopment analysis method(DEA)to calculate the mean value of the difference in the M&A efficiency value of the three years before and after the company’s merger and acquisition.The senior management team female participation degree,the senior management team female participation depth as the independent variable,and the control of the Lnpe of the enterprise,the nature of the equity,the transaction mode and other variables to construct multiple linear regression models,empirical analysis of the impact of female executives on corporate M&A performance.The main conclusions of the study are as follows:(1)There is areversed “U” relationship between the women’s participation in the executive team and the M&A performance.That is,as the proportion of women’s participation in the company’s senior management team increases,the company’s M&A performance can be significantly improved.After the proportion of women’s participation in the management team exceeds the critical value,the increase in the breadth of women’s participation in the executive team inhibits the M&A performance of the company.(2)There is a positive correlation between the participation of women in the senior management team and the performance of M&A.Although the overall relationship is not significant,further research finds that the effect of female executives on M&A performance is affected by the adjustment of factors such as M&A type and industry characteristics.(3)The change of control rights of the M&A target,the Lnpe of the M&A company,and the shareholding ratio of the management are significantly negatively correlated with the M&A performance.Based on the theoretical and empirical research results,this paper proposes relevant countermeasures and suggestions for improving the status of women and improving the performance of mergers and acquisitions in terms of women’s participation in executive teams,company Lnpe,and related transactions.On the one hand,this paper helps to enrich the research on women executives and M&A performance,further broadens the research scope of the existing senior management team and provides theoretical guidance for corporate mergers and acquisitions.On the other hand,it also helps to break the gender bias of the “glass ceiling” and “glass cliff” of female executives,and further help the development of female executives. |
