【摘要】 本研究聚焦于企业并购决策的形成时机问题.建立在企业管理层认知的微观基础上，本研究整合前景理论和企业行为理论形成一个新的分析框架，细分了搜寻注意力在绩效与期望差距反馈下的分配差别对并购决策的影响.本研究认为搜寻注意力的分配和他的转移主导了并购搜寻的动机强度，影响了并购决策形成和增减的时机.以2011年—2016年A股制造业上市公司为样本的实证研究支持了上述理论猜想.研究结果显示：管理层搜寻注意力主要分配在低于期望较低和高于期望较低的反馈区域，这些区域企业选择并购的概率升高，数量增加.进一步的研究发现额外的冗余资源和可模仿密度会使搜寻注意力转移，调节原有并购搜寻的动机强度，使并购决策出现相应的增减.本研究补充了企业行为理论中的搜寻机制在认知注意力分配的主导下发生变化的微观规律，为企业管理层做出收购的时机特征提供了注意力层面的解释.更多还原

【Abstract】 This paper focuses on the timing of corporate M&A decisions. Building on micro-foundations of management perceptions, a new framework integrating prospect theory and behavior theory of the firm is constructed, which breaks down the impacts of allocation differences in search attention on M&A decisions considering the gap between realized performance and aspirations. The paper proposes that the allocation and shift of search attention dominate the motivational intensity of M&A search, thus determining the M&A decisions’ formation and the changing in timing of M&A. The empirical results from a sample of A-share listed manufacturing companies from 2011—2016 support our hypotheses. Our findings show when management search attention is allocated in the lower ranges in the feedback regions that are either below aspiration or above aspiration, more firms in these regions will have a higher probability in accepting M&As. Further research shows that additional slack resources and imitative learning intensity could shift the search attention, moderating the original motivational intensity of M&A search and causing a corresponding increase or decrease in M&A decisions. Our research supplements the micro laws for the changing of search mechanisms which is led by cognitive attention’s allocation differences in behavior theory of the firm, and provides an attention-level explanation for the timing distribution characteristics in acquisitions decisions made by corporate managements.更多还原