管理者过度自信异质性对并购决策的影响

The Impact of Managerial Overconfidence Heterogeneity On Merger and Acquisition Decisions

以2012—2016年沪深证券交易所挂牌交易并实施并购的上市公司A股数据为样本,采取Xtlogit模型回归进行实证分析,采取Xtprobit模型回归进行稳健性检验,探讨了基于心理根源的管理者过度自信异质性对并购决策的影响,探讨了各异质性的管理者过度自信对并购决策的影响是否存在差异。研究发现过度乐观型管理者过度自信能显著正向影响并购决策,但控制幻觉型管理者过度自信对并购决策的影响并不显著;研究发现强管理过度自信和弱管理者过度自信均能显著正向影响并购决策,但强管理者过度自信比弱管理者过度自信更能显著正向影响并购决策。

Based on the A-share data of listed companies listed on the Shanghai and Shenzhen Stock Exchanges and implementing mergers and acquisitions from 2012 to 2016,the Xtlogit model regression was used for empirical analysis,and the Xtprobit model regression was used for robustness testing.This study explored the impact of psychological root based manager overconfidence heterogeneity on merger and acquisition decisions,and explored whether there are differences in the impact of manager overconfidence on merger and acquisition decisions among different heterogeneity.Research has found that overconfidence among overly optimistic managers can significantly and positively affect merger and acquisition decisions,but overconfidence among control hallucinatory managers does not have a significant impact on merger and acquisition decisions;Research has found that both overconfidence in strong management and overconfidence in weak management can significantly positively affect M&A decisions,but overconfidence in strong managers has a more significant positive impact on M&A decisions than overconfidence in weak managers.