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以2004~2015年的1100家企业发生的并购事件作为样本,运用面板0LS回归的方法,分析了CEO特征与收购公司绩效之间的作用机制。结果表明,CEO特征与并购溢价之间存在着显著的影响,并购溢价同时也对部分收购公司绩效指标存在着显著的影响。这充分表明了并购溢价作为中介变量,在CEO特征与收购公司绩效之间起着重要的影响作用。
Taking the M & A events of 1,100 enterprises from 2004 to 2015 as a sample, this paper analyzes the relationship between CEO characteristics and the performance of acquired companies by using the panel 0LS regression method. The results show that there is a significant effect between the CEO characteristics and the merger premium, and the merger premium also has a significant impact on some acquisition company performance indicators. This fully shows that the M & A premium acts as an intermediary variable, which plays an important role in the relationship between CEO characteristics and acquisition of company performance.