管理者有限理性对我国企业跨国并购影响实证研究.docVIP

南京航空航天大学硕士学位论文 摘 要 随着全球经济的一体化，跨国并购已成为企业在短时间迅速扩大规模，实现资源在世界 范围内有效配置的重要手段。近年来，我国企业发展迅速，走出去的意愿逐渐增强，再加上 国内的投资环境不断改善，内外因素共同作用，使得跨国并购交易量不断增加，交易金额不 断刷新历史记录。然而，我国企业的海外并购并没有如预期那样给企业带来巨大收益。研究 机构的数据表明，中国企业海外并购的成功率不足三成。惨淡的并购业绩与疯狂的并购浪潮 相对比，不得不使人们怀疑企业管理者在对待跨国并购问题上是否具有足够的理性。 本文就是建立在这个并购悖论上开展后续研究的，试图借助于行为经济学中管理者过度 自信理论以及前景理论的分析框架，对我国非金融上市企业跨国并购中管理者是否理性进行 实证分析。在国内外相关文献的研究基础上，本文提出了管理者有限理性的替代变量，以 2007 年至 2010 年上半年发生跨国并购的上市公司以及其配比公司作为研究样本，进行回归 分析。研究表明，管理者过度自信与跨国并购发生与否显著相关，这说明，管理者的过度自 信确实在企业跨国并购中发挥了一定的促进作用；前景理论在我国企业海外并购中具有一定 的解释力，但显著性水平不高；当企业处于经营波动较大的阶段时，管理层更倾向实施跨国 并购。 最后，根据回归分析结果，总结归纳本文的研究结论，并就相关问题对监管部门与拟实 施跨国并购的企业提出针对性的建议，以减少管理者有限理性行为对跨国并购的负面影响， 使跨国并购决策更加符合企业的发展战略，最终提升我国企业在国际上的核心竞争力。 关键词：有限理性，过度自信，前景理论，跨国并购 i 管理者有限理性对我国企业跨国并购影响的实证研究 Abstract With the development of global economy integration, transnational MA has become an important means for enterprises to expand their scales and realize resource allocation in the scope of the world in very short time. In recent years, the rapid development of Chinese enterprises make them strengthen their thoughts to seek more opportunities oversees. Besides, the domestic investment environment has been supportive. With the influence of both internal and external factors, the volume of transnational MA has been increased and the transaction amount continuously breaks the records in history. However, Chinas enterprises overseas mergers and acquisitions have not brought huge benefits as expected. The evidence from research institutions shows that less than 30% of the overseas acquisitions in China enterprises are successful, which has presented a sharp contrast to the surge of MA transactions. This phenomenon makes us wonder whether corporate managers have maintained their rationality in the issue of transnational mergers and acquisitions. This article carried out the following research based on the paradox of mergers and acquisitions mentioned before. The paper is supposed to find out whether the managers of non-financial listed companies are ration