Research On The Influence Of Executive Team Characteristics On Corporate M&A Performance

For a long time,the core obj ective of the company is to realize profits and neglect the interests of other stakeholders.This situation is particularly prominent in heavily polluting enterprises that have serious environmental impacts.With the increase of social problems such as environmental pollution,people no longer only pay attention to the business performance of enterprises,but also pay more and more attention to corporate social responsibility involving the interests of all parties Therefore,for heavy polluting enterprises,not only must we change the development mode through various channels,reduce pollution,but also actively assume social responsibility and "feed back" the results to the whole society.As an important means for enterprises to expand their scale,allocate and acquire resources,and adj ust the industrial structure to enhance their competitiveness,M&A is becoming more and more widely used in Chinese enterprises.Heavy polluting enterprises can learn the green development mode of the enterprises,acquire green technologies,enter the green industry,develop green economy,and assume more social responsibilities through mergers and acquisitions,thereby improving the social performance of M&A(social performance is a substitute for corporate social responsibility).Therefore,in the process of mergers and acquisitions,especially for heavily polluting enterprises,in addition to considering the business performance of enterprises,they should also consider the social performance of enterprises.The executive team is the "think tank" of the company,which provides advice for the company's business development and plays an important role in the M&A activities.Therefore,the company's senior management team is closely related to whether the M&A performance can be improved.Based on the above background,this paper selects representative heavy polluting enterprises as samples to study the influence of senior management team characteristics on corporate M&A performance and M&A social performance.This study is to rationally allocate senior management teams to heavily polluting enterprises,and carry out internal governance and improvement.Corporate M&A performance and M&A social performance have certain practical guiding significanceBecause the performance of M&A needs to be delayed by two years,the author selects 580 listed companies that have been merged by heavily polluting enterprises in 2011-2015 as samples,and selects the dependent variable data from 2013 to 2017,with senior management team of homogeneity index(team size,women accounted for,etc.)and TMT heterogeneity index(age heterogeneity and the heterogeneity of term)as the independent variable,with heavy polluting enterprises lag two years of business performance and social performance as the dependent variable,to establish the corresponding regression model,analyzing the characteristic of the heavy pollution enterprise senior team's influence on the enterprise M&A performance and social performance.The conclusions are as follows:Some indicators of the senior management team of heavy polluting enterprises are significantly correlated with the business performance of M&A,and some indicators have a significant correlation with the social performance of M&A.The details are as follows:For the business performance of post-merger enterprises in heavy polluting enterprises,the size of the senior management team,the proportion of women,the average tenure and the average level of education are significantly and positively correlated with them.The average age of the executive team of heavily polluting enterprises is negatively correlated with the performance of mergers and acquisitions.For the social performance of heavily polluting enterprises after mergers and acquisitions,the age heterogeneity and term heterogeneity of the senior management team are significantly positively correlated with each other;the average term of the senior management team is significantly negatively correlated with it.Finally,according to the research results of this paper,the corresponding suggestions are provided from three aspects the establishment of an appropriate senior management team,the establishment of effective communication methods,and the incorporation of social performance into the senior management assessment system.