管理者过度自信对上市公司并购投资的影响  

The Effect of Managers Overconfidence of Listed Companies on Merger and Acquisition Investment

作　　者：唐蓓[1] 

机构地区：[1]山东大学管理学院,山东济南250100

出　　处：《审计与经济研究》2010年第5期77-83,共7页Journal of Audit & Economics

基　　金：山东省社会科学规划研究项目(08DJGJ22)

摘　　要：公司并购的"成功悖论"引发人们对公司并购行为的重新审视。从行为经济学中的管理者非理性假设出发,实证检验管理者过度自信心理特征与公司并购投资行为之间关系的研究显示,出于自身利益的长远考虑以及公司并购普遍败绩的现实,我国上市公司的管理者对并购投资表现出较为谨慎的态度。但我国上市公司的并购投资-现金流敏感性与管理者的自信程度高度相关,说明并购投资行为实际上同时受到自由现金流以及管理者自信程度的双重影响。Merger and acquisition ＂success paradox＂ make people re-examine the action of the company＇s mergers and acquisitions. This paper, from the supposition of non-rational manager in behavioral economics, makes an empirical examination of the relationship between managers overconfidence and corporate merger and acquisition investment behavior. Studies have shown that： Consider the long-term self-interest of mergers and the reality of general failure of acquisitions, managers of China＇s listed companies for the merger and acquisi- tion investment showed a cautious attitude of a higher degree. But the merger and acquisition investment of listed companies-cash flow sensitivity is highly relevant to the degree of managers＇ confidence, indicating that merger and acquisition investment suffered the double impact of free cash flow as well as the degree of managers＇ confidence.

关 键 词：成功悖论 过度自信 并购投资 投资-现金流敏感性 

分 类 号：F235.99[经济管理—会计学]