Effects Of Tmt Feature To M&A Financial Risk

With the continuous development and progress of the times, mergers and acquisitions are more and more common, and through mergers and acquisitions, the comprehensive strength of enterprises can be improved and access to better and faster development and progress.While mergers can bring many benefits, but the merger is not an easy thing, needs to achieve in different aspects of integration, makes various parts achieving unity, as a whole. So,mergers and acquisitions has aroused great attention. TMT as the direct decision-maker in M&A strategic activities, and the coordinator to coordinate a variety of factors, plays an important role in the implementation of M&A. It can be seen, reaching the effect of TMT to M&A financial risk has great practical significance. Existing research shows, most scholars to focus on the results achieved of TMT in the M&A activity, however, less related to M&A financial risks. In this paper, the TMT in listed companies as research subjects based on higher-order theory and agency theory, exploring the correlation between TMT feature and M&A financial risks, In order to provide empirical evidence and inspiration for TMT configuration and construction.This article collects the information and technology industry to implement M&A of listed companies in 2012. The sample data, including 2010-2014(before and after the M&A)five years of data, to test TMT and Chairman of the Board’s gender, age, education background, term limits and other features on the basic mechanism of M&A financial risks.Finally, sorting the results,there by providing better governance put forward rationalization proposals, and explain the deficiencies, provide some references for further study.