作　　者： ; ;

机构地区： 华南师范大学

出　　处： 《国际经贸探索》 2015年第7期99-112,共14页

摘　　要： 跨国并购已经成为中国当下利用国际市场与资源，实现经济转型升级的重要途径。文章在总结国内外研究文献的基础上，以2002～2011年间中国实施跨国并购的上市公司为基本研究样本，改进企业管理者过度自信衡量指标，用logit回归分析法对中国上市公司跨国并购的动因进行了实证检验。研究结果显示：管理者过度自信的企业进行跨国并购的可能性更大，近年来中国企业跨国并购热潮中存在非理性的驱动因素。 Cross-border M＆A has played an important role in accomplishing economic transformation and upgrading through developing international markets and resources. On the basis of summing up the research literature, selecting the 2002-2011 data of Chinese listed Acquirers in cross-border M＆As, and improving overconfidence indicators, this paper analyzes the factors of Chinese listed acquirers＇ cross-border M＆As empirically with logit regressions methods. The empirical results show that the acquirers with overconfident management are more likely to implement cross-border M＆As, and these acquirers are irrational in the boom of cross-border M＆As. The research finding has a certain significance in understanding why Chinese acquirers fail in cross-border M＆As, and evaluating cross- border M＆As rationally.

关 键 词： 企业管理者 过度自信 跨国并购 动因

领　　域： [经济管理] [经济管理]