管理者过度自信与企业并购行为的实证研究

An empirical study on the relationship between managerial overconfidence and corporate mergers and acquisitions

基于行为金融学的视角,选取2010—2012年上海证券交易所挂牌交易,并发行A股以及成功发生并购的上市公司为样本,对我国上市公司高管过度自信与企业并购行为之间的关系进行了实证检验.结果表明,管理者过度自信与企业并购之间存在显著的正相关性,过度自信的管理者比起理性管理者会进行更加频繁的并购活动.管理者过度自信是驱使企业实施并购的重要动因之一.通过实证检验和规范分析得出重要结论,并给出具体对策和建议.

Based on the perspective of behavioral finance, the articl selects 2010-2012 Shanghai Stock Exchange and the listed companies issued A shares with successful acquisitions were selected as samples and does empirical tests of the relationship between the overconfidence of executives of listed companies and corporate mergers and acquisitions in China. The study found that there was a significant positive correlationship between managerial overconfidence and corporate mergers and acquisitions,overconfident managers do mergers and acquisitions more frequently than rational managers. Thus, overconfidence is an important motivation that causes the companies to proceed mergers and acquisitions. Through empirical and normative analysis,the article draws some important condusions and gives concrete measures and proposals.