我国上市公司高管过度自信对并购决策的影响——基于国有和民营比较视角的实证研究

Impact of Managerial Overconfidence on M&A Decisions in China's Listed Companies—Empirical Research Based on Comparative Perspective between State-owned Enterprises and Private Companies

文章将高管选聘机制纳入管理者过度自信行为研究中,实证分析了我国国有和民营两类上市公司高管过度自信行为及其对公司并购决策的影响。结果显示:两类公司高管都存在过度自信行为,对我国上市公司频繁并购有促动作用,并且国有公司高管比民营公司高管更容易过度自信并促发并购行为;高管来源、个人特征、公司规模以及公司治理机制是影响国有和民营上市公司高管过度自信和并购决策行为的主要因素。研究结论对制定科学并购决策、治理盲目并购有重要借鉴意义。

In this paper,the selection mechanism of top executives is put under the research of managerial overconfidence behavior. An empirical research analyzes the managerial overconfidence behaviors and their impact on the company’s merger and acquisition（ M＆A） decision in China’s two types of listed companies such as the state-owned enterprises and private companies.Results show that two types of company executives have overconfidence behaviors with a promoting impact on frequent mergers and acquisitions. Moreover,managers in state-owned listed companies are more prone to overconfidence to promote M＆A than executives in private listed companies. The study finds that executives source,personal characteristics,company’s scale and corporate governance are the main factors that influence the executive overconfidence degree and M＆A decision behaviors in both the stateowned enterprises and private companies. These conclusions are of great significance to the scientific decision-making of M＆A and the governance of blind M＆A.