高管团队特征与企业连续并购行为研究--基于中国制造业上市公司的数据

Based on the summary and review of relevant literature, the paper clearly defined the standard of serial M&As as enterprises' acquisition frequency should be more than twice within three years. The author attempts to analyze the relationship among TMT characteristics and M&As frequency on the basis of Managerial Entrenchment Theory, Upper Echelons Theory and Agency Cost Theory. The paper selects age, gender, tenure and educational background as TMT characteristics variables. Afterwards, the author chooses 231 samples of Chinese manufacturing listed companies which had serial M&As occurred among 2012 and 2014. Finally, the study utilizes the Ordered Logistic Regression Model to make the empirical test. The empirical results show that (1) as the increase of TMT's average age and female ratio, the possibility of making serial M&As decision will be decreased. (2) as the increase of TMT's average educational level, the possibility of making serial M&As decision will be increased as well. (3) there is no significant relationship between TMT's average tenure and serial M&As decision.