管理层过度自信、会计稳健性与企业并购绩效

Management overconfidence, accounting conservatismand M&A performance

以2014—2018年我国上市深沪A股为研究对象,实证检验并购企业中管理层过度自信、会计稳健性和并购绩效的作用机理。研究发现:管理层过度自信会抑制企业会计稳健性,进而降低企业并购绩效,即会计稳健性在管理层过度自信与并购绩效之间发挥了中介效应;进一步研究发现在股权性质、企业生命周期和管理层个体特征不同的情况下,会计稳健性的中介效应程度不同。

This paper takes Shenzhen-Shanghai A-shares listed in China during 2014—2018 as the research object,and empirically tests the effect mechanism of management overconfidence,accounting conservatism and M&A performance in M&A enterprises.The results show that:management overconfidence can inhibit accounting conservatism,and then reduce M&A performance.In other words,accounting conservatism plays a mediating role between management overconfidence and M&A performance.Further research finds that the mediating effect of accounting conservatism is different in the case of different equity nature,firm life cycle and individual characteristics of management.