| Domestic M&A market gradually open after the reform and opening up,after more than 30 years of development,the domestic M&A market gradually from germination to maturity stage,especially in recent years in terms of trade size and number of mergers and acquisitions in China has reached new highs,the academic research for scholars to mergers and acquisitions provides a solid background of reality.Based on this background,this paper will empirically analyze how CEO tenure affects the M&A behavior of enterprises.The research object is the data of corporate M&A events in A-share market collected by CSMAR from 2008 to 2018.Firstly,the data about the CEO’s personal characteristics,corporate governance and financial performance of all companies in the A-share market and the event data of enterprise merger and acquisition were systematically collected.The initial data were obtained through data consolidation,sample screening and data cleaning by RStudio.The event study method is used to calculate the M&A performance through Stata,and then the empirical study is carried out by regression analysis.The robustness test methods in this paper mainly include transformation model,substitution variable measurement index,propensity score matching method,two-stage least square method,etc.,and the conclusions obtained are consistent with those obtained by the main effect regression model.In the further analysis,based on the background of distinguishing non-state-owned and state-owned enterprises at domestic,the relation between CEO tenure and M&A is studied by distinguishing the nature of enterprises.In addition,reasonable compensation incentive is an important means to alleviate agency conflict.Therefore,this paper uses CEO external compensation gap as a moderating variable,and further explores the moderating effect of CEO external compensation gap on CEO tenure and M&A performance.After empirical explores,the conclusions of this article are as follows:Firstly,there is a obviously inverted U-shaped relationship between CEO tenure and M&A decision;Second,CEO tenure positively affects M&A performance,that is,the longer the tenure of the CEO,the better the M&A performance;Third,compared with stateowned companies,non-state-owned firms have a more conspicuous inverted U-shaped relationship between CEO tenure and M&A probability,and non-state-owned enterprises also have a more significant positive relationship between CEO tenure and M&A performance.Fourth,CEO external pay gap can positively promote and adjust the positive relationship between CEO tenure and M&A performance. |
