管理者过度自信、支付方式与并购绩效的实证研究

An Empirical Research on Managers′ Overconfidence, Payment-Methods and M&A Performance

从行为金融学角度出发,选取2015~2017这三年间完成并购活动的沪深A股上市公司为样本,研究管理者过度自信和不同支付方式对收购公司绩效的影响。另外,在控制管理者过度自信变量的情况下,以支付方式为调节变量,在模型中加入支付方式与管理者过度自信的交互项,研究支付方式对管理者过度自信与收购公司绩效之间的调节效应。研究结果表明:管理者的过度自信对收购公司绩效存在显著的负向影响;现金支付方式对收购公司绩效存在显著的正向影响;现金支付方式对管理者过度自信与收购公司绩效关系存在调节效应,且显著为正。

From the perspective of behavioral finance, we select the Shanghai and Shenzhen A-share listed companies that completed the M&A activities from 2015 to 2017 as a sample to study the influence of managers′ overconfidence and payment-method on M&A performance. In addition, under the condition of controlling the overconfidence variables of managers, the payment method is taken as the regulating variable, and the interaction item between the payment method and the overconfidence of managers is added to the model to study the regulating effect of the payment method on the overconfidence of managers and the performance of acquired companies. The results show that: the managers′ overconfidence has a significant negative impact on the performance of the acquired company;the cash payment-method has a significant positive impact on the performance of the acquired company;the cash payment-method has a positive regulation on the relationship between the managers′ overconfidence and the acquired company′s performance.