中文摘要：

本文以A股国有控股上市公司为研究样本,从政治晋升角度考察了企业高管年龄与并购活动之间的内在联系。结果显示47岁（57岁）以下群体的高管年龄与并购行为之间显著负相关;进一步研究发现,市场化程度对年龄与并购之间这种负相关系具有弱化作用。我们的实证结果与职业生涯关注影响高管投资决策的假说是一致的。本文将政治晋升话题的研究对象与范畴从政府官员拓展到企业层面,深化了官本位思维对经济微观层面影响的理论认知。

英文摘要：

We take a state-owned A-share listed enterprise as sample, and we will research on the relationship between the age of CEO and MA activities based on the political career concesrns. The result show that, with the maintain of other factors,the relation between firm＇s MA and CEO age is negative, considering the heterogeneity of different age, we use mean age as the cut-off point to do the piecewise regression, and the result shows that the negative effect of CEOs age on MA, when CEOs age younger than 47（57）. Further, This negative effect of CEO age on MA is decreased when the marketization increasing. As the conclusion, our empirical results is consistent with the hypothesis that that we made before. This article made the research object that based on political career topic from government officials to the enterprise＇s level, deepen the theory cognitive that how official standard influence micro economic in the background of authoritative system.