董事会过度自信与企业国际并购绩效

发布时间：2018-04-23 16:29

本文选题：董事会过度自信 + 文化距离　；参考：《经济管理》2017年12期

【摘要】：中国企业海外并购的规模逐年上升,但是,并购的长期业绩却出现了下滑的迹象。原有的财务金融视角已经无法完全解释经营业绩的下降,需要回归并购的决策主体进行研究。本文从管理者有限理性的角度出发,基于行为财务理论,分析了上市公司董事会过度自信对企业国际并购绩效的影响,并结合组织学习理论,分别从并购的文化差异和董事的海外经历两个角度,进一步探讨了国际并购中对管理者过度自信行为负向影响的调节作用。实证结果表明,董事会的过度自信对企业国际并购绩效具有显著的负向影响,但并购双方文化距离和董事会成员海外经历可以显著降低该作用。因此,并购目标的选择和公司治理结构的变化能够抑制董事会过度自信带来的决策偏误,这为完善董事会决策机制提供了证据。
[Abstract]:The scale of overseas mergers and acquisitions in China has increased year by year, but the long-term performance of M & A has shown signs of decline. The original financial and financial perspective can not fully explain the decline of business performance, need to return to the M & A decision-making body to study. Based on the theory of behavioral finance, this paper analyzes the influence of the overconfidence of the board of directors on the performance of international M & A of listed companies from the perspective of limited rationality of managers, and combines with the theory of organizational learning. From the perspective of the cultural differences of M & A and the overseas experiences of directors, this paper further discusses the adjustment of the negative influence on the overconfidence behavior of managers in international mergers and acquisitions. The empirical results show that the overconfidence of the board of directors has a significant negative impact on the performance of international mergers and acquisitions, but the cultural distance between the two parties and the overseas experience of the board members can significantly reduce this effect. Therefore, the choice of M & A target and the change of corporate governance structure can restrain the decision-making bias caused by the over-confidence of the board of directors, which provides evidence for the improvement of the decision-making mechanism of the board of directors.
【作者单位】：吉林大学商学院;
【基金】：国家社会科学基金项目“人民币双边波动新常态下货币政策与汇率政策的冲突与协调研究”(15BJY156) 教育部人文社会科学基金项目“金融业双向开放推动下中国外汇市场压力的聚集与释放及风险预警研究”(16YJA790023) 吉林大学哲学社会科学青年学术领袖培育计划“人民币汇率市场化形成机制及制度模式研究”(2015FRLX16)
【分类号】：F271;F275;F275.5

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