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文章将高管选聘机制纳入管理者过度自信行为研究中,实证分析了我国国有和民营两类上市公司高管过度自信行为及其对公司并购决策的影响。结果显示:两类公司高管都存在过度自信行为,对我国上市公司频繁并购有促动作用,并且国有公司高管比民营公司高管更容易过度自信并促发并购行为;高管来源、个人特征、公司规模以及公司治理机制是影响国有和民营上市公司高管过度自信和并购决策行为的主要因素。研究结论对制定科学并购决策、治理盲目并购有重要借鉴意义。
This article incorporates the executive recruitment mechanism into the study of managers’ overconfidence behavior, and empirically analyzes the overconfidence behaviors of executives in two types of state-owned and non-public listed companies in China and their impact on the M & A decision-making. The results show that there are overconfidence behaviors in the top two types of company executives, which can promote the frequent mergers and acquisitions of the listed companies in our country. Moreover, state-owned company executives are more likely to overconfidence and promote mergers and acquisitions than executives of private companies. Characteristics, company size and corporate governance mechanism are the main factors affecting the overconfidence and M & A decisions of state-owned and private listed companies. The conclusions of the study have important reference for making scientific mergers and acquisitions decision and controlling blind mergers and acquisitions.