管理者过度自信与企业并购决策及企业绩效之关系

On the Relationship among Managerial Overconfidence, Acquisition Decision and Corporate Performance

本文从行为金融学的角度,以沪深两市2007-2011年间进行了并购交易的上市公司为样本,建立面板数据模型和联立方程模型,研究了管理者过度自信与企业并购决策、企业绩效之间的关系。研究结果表明:管理者的过度自信对企业的并购决策产生了显著影响,尤其是当企业现金流充裕时更甚;管理者过度自信与企业绩效呈显著的负相关,而企业的高绩效又会增加管理者过度自信的程度,这也验证了连续并购财富效应递减的现象。

From the perspective of behavioral finance, in this paper, we construct a panel data model and simultaneous equations model and make a study on the relationship between managerial overconfidence, acquisition decision and corporate performance, with the listed companies of acqui- sition in the Shanghai and Shenzhen stock markets from 2007 to 2011. The result indicates that managerial overconfidence has significant effect on the acquisition decision, especially when cash flow is plenty. In addition, managerial overconfidence has a negative relationship with corporate performance, and high corporate performance can increase the level of overconfidence, which testi- fies the phenomenon of diminishing wealth effect of continuous acauisitinns_