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Keywords

senior executive, M&A experience, imprinting theory, M&A performance

Abstract

With the phenomenon of "national asset provide financial reliefs to private companies"in the M&A market,whether the M&A experience of senior executives can affect the corporate performance has once again attracted the attention of academic and practical circles.According to the imprinting theory,this paper based on the two aspects of "the recognition of policy opportunities and target enterprises,the improvement of risk response and resource utilization capacity",identifies the function mechanism of the M&A experience of senior executives on the corporate performance.The results show:First,the M&A experience of senior executives will significantly improve the short-term M&A performance of the main merger enterprise.Second,compared with the external M&A experience,the internal M&A experience of senior executives can significantly improve the M&A performance of the M&A enterprise.Third,the positions of senior executives are divided into chairman and general manager,and the differences of senior executives have no effect on the above research conclusions.Finally,the paper discusses the dual practice enlightenment of the research findings for M&A enterprises and senior executives.

DOI

10.16315/j.stm.2020.05.007

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