2008 04 No.198 76-80
管理者过度自信与并购决策的实证研究
基金项目(Foundation):
邮箱(Email):
DOI:
10.14134/j.cnki.cn33-1336/f.2008.04.009
中文作者单位:
重庆大学经济与工商管理学院,重庆大学经济与工商管理学院 重庆400044,重庆400044
摘要(Abstract):
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。
关键词(KeyWords):
行为公司金融;;过度自信;;并购
| 3,337 | 453 | 32 |
| 下载次数 | 被引频次 | 阅读次数 |
参考文献
[1]De Bondt,WR Thaler.Does the Stock Market Overreact[J].Journal of Finance,1985(40):793-808.
[2]Langer Ellen J.The Illusion of Control[J].Journal of Personality and Social Psychology,1975(32):311-328.
[3]Weinstein N.Unrealistic Optimismabout Future Life Events[J].Journal of Personality and Social Psychology,1980(39):806-820.
[4]Roll Richard.The Hubris Hypothesis of Corporate Takeovers[J].Journal of Business,1986,59(2):197-216.
[5]Malmendier U,G Tate.Who Makes Acquisitions CEO0verconfdence and the Market’s Reaction[D].NBER Working Paper,Stanford University,2003.
[6]Hall Brian J,Kevin J Murphy.Stock Options for Undiversified Executives[J].Journal of Accounting and Economics,2002(33):3-42.
[7]余明桂,夏新平,邹振松.管理者过度自信与企业激进负债行为[J].管理世界,2006(11):104-112.
[8]Nofsinger J R.Social Mood and Financial Economics[J].Journal of Behavioral Finance,2005,6(3):144-160.
[9]Odean T.Are Investors Reluctant to Realize Their Losses[J].Journal of Finance,1998(53):1775-1798.
[10]Jensen Michael.Agency Costs of Free Cash Flow,Corporate and Takeovers[J].American Economic Review,1986(76):323-329.
[11]张龙,刘洪,胡恩华.高管薪酬水平对企业并购行为影响的实证分析[J].软科学,2006(5):42-45.
[2]Langer Ellen J.The Illusion of Control[J].Journal of Personality and Social Psychology,1975(32):311-328.
[3]Weinstein N.Unrealistic Optimismabout Future Life Events[J].Journal of Personality and Social Psychology,1980(39):806-820.
[4]Roll Richard.The Hubris Hypothesis of Corporate Takeovers[J].Journal of Business,1986,59(2):197-216.
[5]Malmendier U,G Tate.Who Makes Acquisitions CEO0verconfdence and the Market’s Reaction[D].NBER Working Paper,Stanford University,2003.
[6]Hall Brian J,Kevin J Murphy.Stock Options for Undiversified Executives[J].Journal of Accounting and Economics,2002(33):3-42.
[7]余明桂,夏新平,邹振松.管理者过度自信与企业激进负债行为[J].管理世界,2006(11):104-112.
[8]Nofsinger J R.Social Mood and Financial Economics[J].Journal of Behavioral Finance,2005,6(3):144-160.
[9]Odean T.Are Investors Reluctant to Realize Their Losses[J].Journal of Finance,1998(53):1775-1798.
[10]Jensen Michael.Agency Costs of Free Cash Flow,Corporate and Takeovers[J].American Economic Review,1986(76):323-329.
[11]张龙,刘洪,胡恩华.高管薪酬水平对企业并购行为影响的实证分析[J].软科学,2006(5):42-45.
基本信息:
DOI：10.14134/j.cnki.cn33-1336/f.2008.04.009
中图分类号:F271;F224
引用信息:
[1]傅强,方文俊.管理者过度自信与并购决策的实证研究[J].商业经济与管理,2008,No.198(04):76-80.DOI:10.14134/j.cnki.cn33-1336/f.2008.04.009.
基金信息: