管理者过度自信对企业跨行业并购的影响

The Influence of Managers’ Overconfidence on Cross-industry Mergers and Acquisitions

管理者作为企业的最高决策层,是制定企业发展战略、实施投融资决策、进行企业日常经营活动以及执行企业日常经营管理的主体,其在决策过程中的过度自信心理对企业的发展至关重要。而跨行业并购交易作为公司市值管理的重要手段之一,研究管理者的过度自信与企业跨行业并购对公司价值最大化的影响十分重要。

As the highest decision-making level of the enterprise,the manager is the main body of the development strategy,the implementation of investment and financing decisions,the daily business activities of the enterprise and the implementation of the daily business management of the enterprise.The overconfidence psychology in the decision-making process is very important to the development of the enterprise.As one of the important means of market value management,it is very important to study the influence of managers’ overconfidence and enterprises’ cross-industry M&A on the maximization of corporate value.