公司治理、管理者过度自信与企业并购绩效相关性研究

Corporate Governance,Managerial Overconfidence and the Performance of Merger and Acquisition

基于行为财务学的视角,以2010年沪深两市发生了并购交易的上市公司为研究样本,研究了管理者过度自信对企业并购绩效的影响,以及公司治理对管理者过度自信的抑制作用。研究发现:管理者过度自信与企业并购绩效负相关,公司治理指数与管理者过度自信不存在显著的相关关系。具体来说,公司治理因素中,除了董事长和总经理两职分离以外,我国上市公司治理总体上没有起到抑制管理者过度自信的作用。

Based on the perspective of behavioral finance, we examined the influence of managerial overcon- fidence on M^A performance by using the data of the listed companies taking M^A in Shanghai and Shenzhen stock markets in 2010, and tested the restriction effect of governance mechanisms. The evidence shows that managerial overconfidence is negatively correlated with M￡A performance,and there is no sig- nificant correlation between corporate governance index and managerial overconfidence. On the whole, the corporate governance of listed companies in China can＇t mitigate managerial overconfidence, except for the splitting of CEO and Chairman.