联系我们

论文查询结果	返回搜索

论文编号：	1256
作者编号：	2120071917
上传时间：	2009/6/12 19:34:40
中文题目：	管理者过度自信与并购绩效实证研
英文题目：	The Empirical Research about t
指导老师：	李元
中文关键字：	管理者过度自信 并购绩效 因子分
英文关键字：	Managerial Overconfidence Perf
中文摘要：	中国资本市场自上世纪九十年代以来，快速发展，为全社会的资源有效配置起到了关键作用，近十年以来，更是不断走向成熟。这期间，资本市场上并购活动伴随着经济的快速发展，不断增多，也在不同时期表现出不同的特点。本文集中对并购活动产生的绩效问题据以研究，选择147个样本公司，在2005年的并购活动为考察点，观察这些并购活动中管理者过度自信动因以及与并购结果的相互关系。 以往的并购研究集中于两个方面：一方面是研究并购活动是否创造了价值，另一方面是研究都有哪些因素影响了并购绩效，本文从并购活动的动因角度出发，试图从管理者过度自信的角度来考察并购绩效。 本文通过对2005年A股市场并购活动的考察，分析并购活动中管理者过度自信因素所起的作用。通过运用因子分析和多元回归模型的分析，本文得到如下结论：1.管理者过度自信确实在一定程度上影响了并购活动的绩效；2.管理者过度自信水平与并购后一年内和两年内的并购绩效负相关。本文还得到一部分支持并购绩效随时间变化的证据。 全文分为五个部分：绪论介绍了所叙述的问题以及相关背景和意义；理论回顾和文献综述部分，系统地梳理了国内外关于并购的理论和相关假说；研究设计部分，从国外的理论以及我国具体的情况出发，探讨我国上市公司并购活动中，管理者过度自信因素的理论基础和以及影响分析；实证检验部分，通过因子分析方法构造综合评价指标，通过多元线性回归检验相关假设，并分析所得结果；结论与政策建议部分，从实证分析结果和理论分析结果相结合，得出验证后的结论，并提出相关政策建议，最后总结本文研究局限以及对未来研究的展望。
英文摘要：	Since the past decade of the last century, the capital market of China had made great development. It has played a key role as a way of the effective allocation of resources, moreover, it is constantly moving towards maturity. For most emerging markets, mergers and acquisitions emerged along with the rapid economic development and they formed with different characteristics. This article focused on the performance of M & A, included 147 sample listed companies in 2005 and studied the observation of these M & A in the control of overconfident managers and motivation behind the results. Previous studies concentrated on two aspects: one is that whether the M & A activity creates value, and the other is that what factors have affected the performance of mergers and acquisitions. In this paper, M & A from the point of view of the motivation we are trying to discuss how the perspective of over-confident managers affected the M & A performance. Through the use of factor analysis and multiple regression analysis model, this paper, reached the following conclusions: over-confident managers, to a certain extent, affected the performance of M & A ; overconfidence level of managers is asso-ciated with the negative performance both within one year after the merger and within two years after the merger. This article also found some supporting evidence of time-varying trend of negative performance. This article is divided into five sections: Introduction describes the background and significance of the research; Theoretical review and literature review, systematically sorts out the theories of mergers and acquisitions and related hypothesis; Research design, explores M & A activities of listed companies in China within over-confidence factor, as well as the theoretical basis and impact analysis; Empirical test of the method of factor analysis through the comprehensive evaluation index structure and multiple linear regression test related assumptions, and analysis of the outcome; Conclusions and policy recommendations, results from the empirical and theoretical analysis, combining the conclusions drawn after the verification, management and mergers and acquisitions over the level of performance , overconfidence is really a significant negative factor related to M&A performance.
查看全文：	预览  下载(下载需要进行登录)