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本文从不确定性环境下关联股东网络特征的角度研究关联股东的并购经验对于并购绩效的作用。结果表明,在关联股东构成的并购事件网络里,关联股东的并购经验会促进事件公司并购绩效的提高。事件公司的结构洞越多,这种作用越强;事件公司的中心性越强,这种作用越弱。当事件公司的不确定性较高时,虽然这种作用仍会加强,但中心性的调节作用却会减弱,结构洞的调节作用被进一步强化。结论从所有权网络的特征层面为并购绩效的经验影响机制提供了新的研究角度,也为并购绩效的经验应用机制开辟了新思路。
This paper studies the effect of M & A of connected shareholders on M & A performance from the perspective of network characteristics of affiliated shareholders under the uncertainty environment. The results show that in the M & A event network formed by the affiliated shareholders, the M & A experience of the related shareholders will promote the performance improvement of the event company. Event The more structural holes in a company, the stronger this effect; the stronger the centrality of the event company, the weaker this effect is. When the event company’s uncertainty is high, although this effect will still be strengthened, the central regulatory role will be weakened and the structural adjustment of the hole will be further strengthened. The conclusion provides a new perspective for the empirical impact mechanism of M & A performance from the aspect of ownership network, and opens up new ideas for the empirical application mechanism of M & A performance.