作 者: ;
机构地区: 暨南大学经济学院
出 处: 《财经论丛》 2010年第5期88-92,共5页
摘 要: 本文选取沪深2004-2007年间上市公司股权并购样本,研究并购中导致管理者过度自信的主要因素及管理者过度自信对并购绩效的影响。结果显示,国有股比重对管理者过度自信有负的显著影响,随着国有股比重下降,管理者的过度自信程度提高;管理者过度自信进行的并购活动不仅没有为股东创造财富,反而破坏了公司价值。因此,提高公司治理水平、改善市场环境才能实现企业管理者理性并购,提升并购活动的绩效。 The paper selects equity samples of listed companies from 2004 to 2007 in Shanghai and Shenzhen stock markets and examines the main factors that affect the over-confidence of the manager in merger & acquisition and performance of M & A. The empirical result indicates that it is negatively correlated with the overconfidence of the manager, and it increases with the decline in the proportion of state-owned shares. M & A based on the overconfidence of the manager can not create wealth for shareholders, and even undermined value of the company. The rational M & A and good performance can only be achieved by improving corporate governance and market environments.