The Influence Of Senior Management Team Characteristics On M&A Performance Of Chinese Listed Companies

In recent years,the capital market is in an unpredictable environment.In order to adapt to the new economic situation,more and more enterprises make the decision of enterprise transformation or seek M&A deals,the activity of enterprise M&A is growing rapidly,and the research on enterprise M&A performance has become the focus of academic research.This paper takes the characteristics of listed company's executive team as the breakthrough point,studies the influence of the characteristics of the executive team on the enterprise's M&A performance,and the research conclusion can help the listed company to build a more reasonable,innovative and efficient executive team,and then improve the enterprise's M&A performance and promote the enterprise's better development.This paper first reviews the existing research literature,combined with the research results of scholars at home and abroad,then theoretically analyzes the characteristics of executive team and corporate M&A performance.On this basis,the research hypothesis is put forward from two aspects of homogeneity and heterogeneity.Based on the timeliness and availability of the dynamic data,the listed companies with M&A activities in the year as the benchmark,the time span of data selection covers two years before M&A and three years after M&A,a total of six years as a research sample.This paper selects the data envelopment analysis method to measure the corporate performance of listed companies before and after M&A,and further makes an empirical study on the characteristics of executive team and corporate M&A performance of listed companies.The research results can provide some guiding suggestions for the decision-making of senior management team of listed companies in China.Through the empirical analysis of enterprise M&A performance,we can find that the enterprise M&A performance increases faster in the year after M&A,the second year after M&A is relatively slow,at this time the enterprise M&A performance reaches its peak,and the third year after M&A will fall slightly,which may be due to the decline of enterprise integration ability after M&A,and the small decline of enterprise performance due to not adapting to the current economic environment.Through the regression analysis of the characteristics of the executive team and the M&A performance of the listed company,the following conclusion can be drawn: first,the excessive proportion of women in the executive team is not conducive to the improvement of the M&A performance of the enterprise;second,the longer the average tenure of the executive team is,the better the performance of mergers and acquisitions,and the mobility of executives should not be too frequent.Third,the higher the average education level of the executive team is,the more favorable it is to improve the M&A performance.Finally,the average age of the executive team exceeds the general meeting to restrain the growth of M&A performance,and the higher the age diversity of the executive members,the greater the help to the development of M & A performance.Therefore,as an important decision-maker of the enterprise,the executive team has a pivotal position,when equipped with the executive team of listed companies,we should always pay attention to the characteristics that are beneficial to the improvement of enterprise performance,ensure the overall stability of the team,maximize the effectiveness of the team,and constantly enhance the value of the enterprise.