并购是企业非常重要的财务决策活动，也是我国资本市场的“热点”问题，然而失败的并购更是“前仆后继”。高管作为并购战略的决策者和实施者，在并购活动中发挥着关键作用，因此作为“社会人”的高管的“社会关系”必然会影响并购行为。在转型经济与不完善的资本市场环境中，如何评价高管“个体”特征对并购的影响？无疑具有重要价值与意义。. 不同于已有研究，课题基于高管在各类“协会”任职的视角，分析了高管的“协会”任职与公司并购的关系。具体包括：（1）研究高管的“协会”任职对并购行为的影响；（2）从并购融资和并购支付两方面观察该“影响”的机理；（3）检验高管的“协会”任职影响并购决策的经济后果，并比较了以上三个方面在不同“类别”与“层级”的“协会”内部的差异。本项目丰富和拓展了高管的“社会关系”领域的研究文献，有助于提升我们对“协会”与并购决策间关系的理解和认识，并为监管层解决企业并购的诸多“乱象”提供参考。

Merger and Acquisition (M&A) is the enterprise very important financial decision-making activities that the enterprise implement, but also is the hot topic about the capital markets in China. However, there are too many successive failure M&A ,Executives Who is the decision makers and implementers of the M&A strategy, play a key role in the, As a "Social Person" ,the social relations that Executives possess will affect the M&A ,In transition economy and the imperfect capital market environment, how to evaluate the executives "individual" characteristics of the impact of M&A ? Undoubtedly, It has important value and significance .Different from the existing research, based on the perspective of executives holding office in all kinds of "association", We analyzes the relationship between the executives holding office in association" and the corporate M&A.and it includes: (1) study the impact of executives holding office in association to M&A;(2)observes the "impact" mechanism from two aspects of M&A financing and payment;(2)test the economic consequences of a M&A decision about the executives holding office in association and M&A, And compares the above three subjects in different "classes" and "level" of the "association" internal differences. The project enrich and expand the field of literature about the "social relationship research, Promote us the understanding and awareness of the relationship between "association" and M&A ,and it is good for regulators to solve many of the "mess" M&A and provide decision-making reference.