Research On The Relationship Between Heterogeneity Of TMT And Overseas M&A Performance

With the rapid development of the global economy,more and more enterprises are "going out".Acquiring advanced technology through overseas mergers and acquisitions,accelerating the process of R&D and innovation of enterprises,and moving to the international stage has become a key path for enterprise development.However,most of technology sourcing overseas M&A did not achieve the desired results,mainly because of the invalid decision-making of overseas M&A.The executive team's mission to develop and implement a corporate strategy is an important factor to affec the company's entry into the international market,and is critical to corporate performance and organizational development.Therefore,how to effectively play the advantages of the senior management team in the process of technology acquisition is not only a problem that overseas M&A enterprises need to solve,but also an issue that international business and strategic research scholars need to pay attention to.As an economic means to improve economic efficiency,optimize resource allocation and achieve economies of scale,M&A is increasingly used by enterprises.How to improve the performance of overseas M&A has become the focus of scholars at home and abroad,and it is also a practical problem faced by many companies in M&A.As the maker and implementer of overseas M&A strategic decision-making,the top management team's ability will have an important impact on the performance after the M&A.However,there are few studies on the impact of M&A top management on merger.After M&A,there will be many strategic and resource integration issues.The top management team needs to deal with a lot of information and new things.The top managemengt team's work is very important.Therefore,the text is based on the theory of high-level echelon theory,information decision theory and principal-agent theory,and analyzes the relationship between the heterogeneity of technology sourcing overseas M&A top management team and overseas M&A performance,taking into account the Ownership structure(circulating shares).The adjustment role of proportionality and equity concentration provides suggestions and reference for the construction of top management team of overseas M&A enterprises.I hope to solve the following two problems:First,what is the relationship between the heterogeneity of technology sourcing overseas M&A top management teams and overseas M&A performance,and second,what role does ownership structure play in the relationship between the heterogeneity of top management teams and overseas M&A performance?This paper mainly uses the method of empirical research,based on the content of previous scholars' research,through the multi-step screening of all overseas M&A events in BvD_Zephyr database in 2006-2015,89 eligible technology sourcing overseas M&A events were selected.Construct a research model of top managemengt team heterogeneity,ownership structure and M&A performance,and collect and calculate a large amount of data,use SPSS 23.0 to analyze the data and verify the hypothesis,and explain the empirical results.The results show that:(1)The educational level,age and function background heterogeneity of the executive team(TMT)are negatively correlated with the M&A performance;the term heterogeneity is positively correlated with the M&A performance.(2)Ownership structure plays a regulatory role in TMT heterogeneity and M&A performance.