管理者过度自信、海外收购及其经济后果——基于“兖州煤业”的案例研究

Manager Overconfidence,Overseas Acquisition and Economic Consequences:A Case Study of Yanzhou Coal Mining Co.,Ltd.

近年来,海外收购已成为中国企业实施"走出去"战略的重要途径,然而大多数海外收购并没有获得预期收益。本文以兖州煤业为研究对象,结合管理者过度自信相关理论,对兖州煤业海外收购行为、支付方式以及经济后果深入考察。研究发现:具有过度自信特质的管理者倾向于进行海外收购,且在收购时更偏好现金支付和负债融资,然而海外收购并没有提升公司业绩,反而带来负的财富效应。本文的研究结论扩展了行为金融学中管理者过度自信理论在新兴资本市场公司海外收购领域的研究范畴,同时也为"一带一路"战略下中国企业在实施海外收购时避免盲目乐观和过度自信提供了参照和借鉴。

In recent years,overseas acquisition has become an important way for many Chinese companies to implement the＂Go Global＂strategy. Yet most of the acquisitions didn＇t achieve their expected benefits. By selecting Yanzhou Coal as the research subject,this paper thoroughly studies the acquisition process,payment method and economic consequences of Yanzhou Coal based on the manager overconfidence theory. It is found that overconfident managers are more likely to propose overseas acquisition and prefer cash payments and debt financing. However,such acquisitions did not improve the performance of Yanzhou Coal,and instead brought negative wealth effect to the company. The conclusion of the paper extends the research area of the manager overconfidence theory on overseas acquisition in emerging markets. In addition,in the background of the＂One Belt and One Road＂,Chinese companies that are about to implement overseas acquisition can use the result of this study to guard against blind optimism and overconfidence.