投资者过度自信下上市公司并购行为研究

我国资本市场发展不成熟,投资者非理性普遍存在.为探究投资者情绪对上市公司并购绩效的影响,利用沪深两市2007—2012年间上市公司发生的并购事件,将投资者与管理者非理性纳入同一框架,对投资者情绪、管理者过度自信与并购绩效的关系进行了实证检验.研究发现,投资者情绪对并购绩效具有"恶化效应",且投资者情绪影响并购绩效存在"管理者过度自信的中介效应".

The M & A Activity of Listed Companies Based on Investor Sentiment

Irrational investors were common in China because of immaturity of the capital market. MA eventsoccurred between listed companies in China from 2007 to 2012 were used to study the impact of market mispricingcaused by investor sentiment on corporates＇ MA activities. Limited rational investors and managers were incorporatedinto the same framework to analyze the relationship among investor sentiment,managerial overconfidence and MAperformance. Empirical results showed that investor sentiment had a significant＂deterioration effect＂on MAperformance. Such finding also indicated that there existed the＂intermediate effect channel of managerialoverconfidence＂through which investor sentiment affected MA performance indirectly.