管理者过度自信、定向增发整体上市与公司价值

Managerial Overconfidence, Overall Listing by Private Placement and Value of the Listed Company

文章以2006年6月至2012年12月在沪深两市通过定向增发股份对价支付方式反向收购集团资产,以实现整体上市的A股上市公司为研究对象,选取公司管理者个人特征、前三位高管薪酬相对比例、公司年度盈利预测偏差程度作为管理者过度自信的替代指标,综合考察了管理者过度自信程度对定向增发模式选择和整体上市后的公司价值变化的影响。研究结果表明:(1)公司管理者过度自信程度与定向增发模式选择呈显著正相关关系,管理者过度自信的心理偏差是驱动定向增发整体上市的动因之一。(2)管理者过度自信程度与定向增发整体上市后公司价值呈显著负相关关系。基于定向增发整体上市的资产重组行为并没有改善增发公司的绩效,反而有损于增发公司的价值。

This paper examined the impact of the managerial overconfidence on the selection of private placement and on the company value by selecting as alternative indicators the managerial personal characteristics, the relative proportion of the top three executive pay and the deviation degree of yearly earning forecast to measure the managerial overconfidence on the basis of A category companies listed in Shanghai and Shenzhen Stock Exchanges by private placement. The results showed that（1） a significant positive correlation exists between managerial overconfidence and the mode selection of private placement. The overconfidence tends to take the private placement as a way to reverse the acquisition of the group’s assets in order to achieve the overall listing of the group. The overconfidence is one of the driving forces of the overall listing; and（2） a significant negative correlation exists between managerial overconfidence and the value of the company. The more overconfident the managers are, the worse the market performance after the overall listing will be. The assets reorganization is detrimental to the company’s value.