摘要
行为金融学的研究认为管理层过度自信是企业做出并购决策的主要原因。本文梳理了国外和国内的相关文献,总结分析出管理层过度自信与企业并购决策显著正相关,而且对于实证研究中管理层过度自信的衡量方法,以及如何弱化管理层过度自信与企业并购决策之间的关系将是未来研究的方向。
Behavioral finance research argues that management overconfidence is the main reason for the enterprise to make mergers and acquisitions decision.According to foreign and domestic relevant literature,This paper concludes that overconfidence of management is positively related to corporate mergers and acquisitions,and it will be the direction of future research on how to measure the overconfidence level of the management in the empirical study,and how to weaken the relationship between the overconfidence of the management and the decision.
出处
《金融发展评论》
2016年第5期150-157,共8页
Financial Development Review
关键词
行为金融学
管理层
过度自信
企业并购
Behavioral Finance
Management
Overconfidence
Enterprise Merger and Acquisition
