高管过度自信对跨国并购绩效的影响——基于我国上市公司的实证研究

doi:10.3969/j.issn.1005-3026.2015.09.031

东北大学学报:自然科学版 ›› 2015, Vol. 36 ›› Issue (9): 1363-1368.DOI: 10.3969/j.issn.1005-3026.2015.09.031

• 管理科学 • 上一篇

高管过度自信对跨国并购绩效的影响——基于我国上市公司的实证研究

张兰霞¹，贾明媚¹，薛碧云²，张靓婷¹

(1. 东北大学工商管理学院，辽宁沈阳110169； 2. 中国建设银行曲阜分行，山东曲阜273100)

收稿日期:2014-07-29 修回日期:2014-07-29 出版日期:2015-09-15 发布日期:2015-09-14
通讯作者: 张兰霞
作者简介:张兰霞(1963-)，女，辽宁北镇人，东北大学教授，博士生导师.
基金资助:
国家自然科学基金资助项目(71272162).

Effects of Senior Executives’ Overconfidence on Transnational M&A Performance——An Empirical Research Based on China’s Listed Companies

ZHANG Lan-xia¹， JIA Ming-mei¹ ， XUE Bi-yun²， ZHANG Liang-ting¹

1. School of Business Administration， Northeastern University， Shenyang 110189， China; 2. Qufu Branch， China Construction Bank， Qufu 273100， China.

Received:2014-07-29 Revised:2014-07-29 Online:2015-09-15 Published:2015-09-14
Contact: ZHANG Lan-xia
About author:-
Supported by:
-

摘要/Abstract

摘要： 为客观地认识后金融危机时期我国企业的跨国并购行为，为未来的跨国并购决策提供有益参考，选取沪深两市2008~2010年间发生跨国并购的上市公司为研究样本，采用持股变动法判断企业高管是否过度自信，运用因子分析法建立跨国并购绩效评价指标，通过描述性统计分析、简单相关分析和偏相关分析，研究高管过度自信对跨国并购绩效的影响.结果表明:我国上市公司高管过度自信与跨国并购前一年的绩效显著正相关，与并购后一年的绩效显著负相关，且与并购当年及并购后两年的绩效存在负相关关系，但其显著性随研究数据和方法的不同而不同.

关键词: 高层管理者, 过度自信, 跨国并购, 跨国并购绩效, 上市公司

Abstract: To understand objectively the transnational merger and acquisition (M&A) of Chinese companies during the post-financial crisis period， and provide a useful reference for future transnational M&A decisions， senior executives’ overconfidence was examined by applying the shareholding change method and using the data samples from the listed companies in Shanghai and Shenzhen exchange markets that carried out transnational M&A during 2008-2010. Then the assessment indexes of transnational M&A performance were formulated with factor analysis， and the impacts of senior executives’ overconfidence on transnational M&A performance were explored with descriptive statistical analysis， simple correlation analysis and partial correlation analysis. The results showed that the senior executives’ overconfidence in China’s listed companies has a positively significant correlationship with the performance of the year before transnational M&A and a negatively significant correlationship with the performance of the year after. Moreover， it is negatively correlated to the performance of the year and the two years after transnational M&A， but its significance varies with different research data and methods.

Key words: senior executive, overconfidence, transnational merger and acquisition (M&A), transnational M&A performance, listed company

中图分类号:

C933

张兰霞，贾明媚，薛碧云，张靓婷. 高管过度自信对跨国并购绩效的影响——基于我国上市公司的实证研究[J]. 东北大学学报:自然科学版, 2015, 36(9): 1363-1368.

ZHANG Lan-xia， JIA Ming-mei ， XUE Bi-yun， ZHANG Liang-ting. Effects of Senior Executives’ Overconfidence on Transnational M&A Performance——An Empirical Research Based on China’s Listed Companies[J]. Journal of Northeastern University:Natural Science, 2015, 36(9): 1363-1368.

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高管过度自信对跨国并购绩效的影响——基于我国上市公司的实证研究

Effects of Senior Executives’ Overconfidence on Transnational M&A Performance——An Empirical Research Based on China’s Listed Companies

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