股权集中度、管理层过度自信与企业并购决策

Ownership Concentration, Management Overconfidence and Enterprise M & A Decision

本文利用主成分分析法构建综合性的管理层过度自信衡量指标，检验2010～2013年中国资本市场上股权集中度、管理层过度自信与企业并购决策之间的关系。结果表明：（1）管理层过度自信与企业并购决策之间存在着显著的正相关性。（2）股权集中度越低，管理层过度自信与企业并购决策之间的正相关关系越强；股权集中度越高，管理层过度自信与企业并购决策之间的正相关关系越弱。因此，股权集中度的提高可以削弱管理层过度自信所驱动的并购，一定程度上保护股东利益。

The author of this paper uses the principal component analysis to form comprehensive indexes to measure management overconfidence, and examine the relationship among ownership concentration, management overconfidence and enterprise M ＆ A decision. The conclusions of the paper show that： （1） there is a significant positive correlation between management overconfidence and M ＆ A decision; （2） the lower the ownership concentration is, the more significant the positive correlation between management overconfidence and enterprise M ＆ A decision, and the higher the ownership concentration is, the less significant the positive correlation. Therefore, the increase in the ownership concentration may weaken the M ＆ A driven by the management overconfidence, and protect the shareholder＇s benefits to some extent.