公司并购中的“羊群行为”:基于中国数据的实证研究  

Herding in M&A:An empirical study of Chinese firms

作　　者：张维[1,2] 王雪莹[1] 熊熊[1] 张永杰[1] 

机构地区：[1]天津大学管理学院,天津300072 [2]天津财经大学,天津300222

出　　处：《系统工程理论与实践》2010年第3期456-463,共8页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(70471062)

摘　　要：公司并购是证券市场进行资源配置的重要方式之一,但并不是所有并购都是理性的.通过对经理人并购决策心理理论模型的建立,论证了"羊群行为"在解释非理性并购中的作用.在此基础上利用中国股票市场数据的实证研究结果显示,正如理论模型所揭示的那样,行业并购先例较少公司的并购绩效要显著优于行业并购先例较多的公司.研究结果还发现,在两期的并购决策中,所属行业从未发生并购活动的公司,其并购绩效并未显著优于所属行业曾经发生并购活动的公司,这表明在无法排除宏观环境波动影响的情况下,跨时期的并购绩效比较难以获得显著的经济学意义.MA is one of the most important ways to allocate resources in securities market,but not all MA transactions are efficient and rational.By establishing a theoretical model of MA decision-making, this paper demonstrates the ability of＂herding behavior＂in interpreting irrational MA.The hypotheses derived from the model are tested with the empirical MA data of A-shares listed companies in Chinese stock market between 2002 and 2004.The findings suggest that the MA performance of the companies with fewer precedents in the same industry remarkably excelled the companies with more precedents.This validates the existence and impact on MA performance of managers＇＂herding behavior＂in decisionmaking. Nevertheless,when the MA decision-making is distributed in different periods,the performance difference between the companies without precedents in the same industry and the ones with precedents is not notable enough.This may indicate that without excluding the influence of macro-economy,the comparison of inter-temporal MA performance would not attain distinct economic significance.

关 键 词：并购 绩效 经理人非理性 羊群行为 

分 类 号：F830.91[经济管理—金融学]