管理者过度自信与并购决策关系研究——基于股权制衡的调节作用

Research on the Relationship between Managerial Overconfidence and M&A Decision ——Based on the Adjustment Role of Equity Checks and Balances

选取2012-2016年在中国深圳证券交易所挂牌交易上市公司A股数据,检验管理者过度自信与企业并购决策之间的关系以及股权制衡度对管理者过度自信与并购决策之间关系的调节作用。结果表明,管理者过度自信与企业并购决策之间存在着较显著的正相关性;股权制衡度与并购决策之间呈负相关;在股权制衡度的调节下,管理者过度自信与企业并购决策之间的正相关减弱。因此,股权制衡能有效地调节管理者过度自信与并购决策之间的关系,能有效地抑制并购决策。

This paper makes use of the A-share data of listed companies from 2012 to 2016 listed on the Shenzhen Stock Exchange of China.Test the relationship between managerial overconfidence and corporate M&A decisions;It also tests the adjustment effect of equity balance on the relationship between managerial overconfidence and M&A decisions.The results show that:There is a significant positive correlation between managerial overconfidence and corporate mergers and acquisitions decisions.There is a negative correlation between equity balance and M&A decisions.Under the adjustment of equity balance,the positive correlation between managerial overconfidence and corporate M&A decisions is weakened.Therefore,equity checks and balances can effectively adjust the relationship between managers' overconfidence and M&A decisions,and effectively suppress M&A decisions.