CEO组织认同与企业并购：影响机制与经济后果

Merger and acquisiton(M&A) is a very important financial decision-making activity. Executives as decision makers and implementers of strategy play a key role in corporate mergers and acquisitions,their psychological factors will inevitably affect the merger and acquisition behavior. It is different from the previous research,this project examines the effect of CEO's organizational identification on corporate mergers and acquisitions,Specifically includes:(1)based on the motivation of M&A, we will study the influence of CEO organization identification on merger and acquisition behavior;(2)Based on M&A process,we will examine the influence of CEO organizations identification on M&A financing;(3)based on M&A results,we will investigate the influence of CEO organization identification on M&A economic consequences.Further,we will study on the moderating effect of different property rights on the above three relationships.The study will enrich and expand the literatures of organizational identification and corporate mergers and acquisitions.It will help us to understand how executives' psychological factors influence corporate behavior and provide references for investors' investment decisions.

并购是企业非常重要的财务决策活动，高管作为并购战略的决策者和实施者，在企业并购中发挥着关键的作用，其心理因素必然会影响并购行为。不同于以往研究，本项目从CEO的组织认同视角研究其对企业并购影响。具体包括：（1）基于并购的动机，研究CEO组织认同对并购行为的影响；（2）基于并购过程，研究CEO组织认同对并购融资的影响；（3）基于并购结果，研究CEO组织认同对企业并购经济后果的影响。并进一步研究不同产权性质对上述三种关系的调节效应。本项目的研究将会丰富和拓展组织认同和企业并购的文献，有助于提升我们对高管心理因素如何影响企业行为的认识，并为投资者的投资决策提供参考。

高管心理因素会对公司的决策行为产生重要的影响，本项目主要研究CEO组织认同和公司并购的关系。研究发现CEO组织认同和并购概率显著正相关，在并购类型上，CEO组织认同更高的企业，进行了更多的横向并购，对区域的选择没有明显的偏好，进一步研究发现，认同感越高的CEO，更倾向采用现金支付，并购之后，公司的整体风险下降，成功的并购促进了市场价值的提升。