摘要
文章基于行为公司金融视角,以2003-2006年间在上海证券交易所上市的公司为样本,对我国上市公司高管人员过度自信与并购决策的关系进行了实证检验。研究表明:管理者的自信程度与并购呈现显著正相关,即过度自信的管理者会驱动并购,管理者的过度自信是并购的重要动因之一。
From the behavioral corporation finance viewpoint, this paper studies the relationship between the manager＇s overconfidence in Chinese listed company and acquisitions with an empirical analysis of the samples of listed companies in Shanghai Stock Exchange between 2003 and 2006. The conclusion is that the manager＇ s overconfidence is significantly positively correlated with acquisitions, that is overconfident managers will drive acquisitions, thus, the manager＇ s overconfidence should be an important part of theory in explaining the causes of merger activity.
出处
《商业经济与管理》
CSSCI
北大核心
2008年第4期76-80,共5页
Journal of Business Economics
关键词
行为公司金融
过度自信
并购
behavioral corporation finance
overconfidence
acquisition
