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上市公司治理问题,一直以来是国内外学者探讨的热点问题。而并购活动作为上市公司治理的重要组成部分,随着国家的不断重视与鼓励,逐步被更多的上市公司管理者所接受并实施。作为上市公司的决策制定者,董事拥有信息的充分程度与对机会的把握能力都会影响上市公司决策的成败。文章通过对2005—2014年的上市公司面板数据的研究,创新性地将社会学中的结构洞理论应用到上市公司治理体系中,既为上市公司谋求业绩提升提供新思路,又为国家鼓励上市公司并购行为的政策提供理论支持。
The governance of listed companies has always been a hot topic discussed by scholars at home and abroad. As an important part of the governance of listed companies, mergers and acquisitions activities are gradually accepted and implemented by more managers of listed companies with the continuous attention and encouragement of the state. As a listed company’s decision-makers, directors have the full extent of information and the ability to grasp the opportunities will affect the success or failure of the decision-making of listed companies. Through the research on the panel data of listed companies from 2005 to 2014, the article innovatively applies the theory of structural holes in sociology to the governance system of listed companies, which not only provides new ideas for the listed companies to seek performance improvement, but also encourages the listed companies The policy of M & A behavior provides theoretical support.