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| 文章编号：1672-3104(2012)05-0148-06 |
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管理者过度自信、公司治理与企业并购决策相关性的实证研究 |
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章细贞，何琳 |
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（中南大学商学院，湖南长沙，410083） |
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| 摘 要： 从行为金融学的角度出发，采取理论分析和实证研究的方法对我国上市公司管理者过度自信、公司治理与并购决策的关系进行考察。研究发现管理者过度自信与并购决策正相关，公司治理中的股东会治理和监事会治理一方面直接遏制非理性的并购决策，另一方面通过抑制管理者过度自信间接遏制非理性并购决策的发生，而董事会治理则与管理者过度自信和并购决策均无显著影响。 |
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| 关键词： 管理者过度自信；并购决策；股东会治理；董事会治理；监事会治理 |
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An Empirical Study of Managerial Overconfidence, Corporate Governance and Acquisition Decesion |
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ZHANG Xizhen, HE Lin |
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（School of Business, C, entral South University, Changsha 410083, China） |
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| Abstract: From the perspective of behavioral finance, the authors take the methods of theoretical analysis and empirical research, and conduct an empirical study of the relationship among managerial overconfidence, corporate governance and acquisition decesion of China’s listed companies. Our study displayed that the correlation between managerial overconfidence and acquisition decision is positive. The Shareholders and supervisors can contain irrational acquisition decesions directly on the one hand, and on the other hand, it can contain irrational acquisition decesions indirectly through inhibition the effects of managerial overconfidence. It also displayed that the board governance factors have no significant influence on both managerial overconfidence and acquisition decision. |
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Key words: Managerial Overconfidence; Acquisition Decesion; Shareholder Governance; Board Governance; Supervisor Governance |
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