高管过度自信对企业并购绩效的影响研究.pdfVIP

本科论文 摘 要 企业并购重组是伴随着经济全球化一体化趋势而出现的企业资本运营的一种形 式，在企业并购重组的过程中，高管团队发挥着关键的作用。本文首先理论分析了高 管过度自信对企业并购行为及绩效的影响，并以三九集团的并购案例作为研究对象， 研究发现：高管过度自信的企业容易发生频繁并购行为，而且并购绩效较低，该结论 在三九药业案例中得到验证。通过研究，在一定程度上丰富了高管过度自信及企业并 购相关研究文献；同时为企业优化并购决策、提升并购绩效提供一定的参考；为约束 高管自利行为、缓解代理问题提供一定的借鉴。 关键字：高管过度自信，企业并购，并购绩效 本科论文 Abstract Merger and reorganization is a form of capital operation that appears along with the trend of economic globalization. In the process of merger and reorganization, the senior management team plays a key role. Theory of this article first analyzes the executive overconfidence influence on ma behavior and performance, and to keep the groups ma cases as the research object, the study found: executive overconfidence of enterprise ma, and prone to frequent and ma performance is low, the conclusions have been verified in the case of the san-jiu pharmaceutical. Through the research, to a certain extent, the research literature on executive overconfidence and mergers and acquisitions has been enriched. At the same time, it provides certain reference for enterprises to optimize ma decision and improve ma performance. It can be used for reference to restrain high - level self - interest behavior and alleviate agency problem. Key words ： Executive over confidence ， Mergers and acquisitions ， Mergers and acquisitions performance 本科论文 目 录 前 言 1 1.基本概念 2 1.1.高管过度自信 2 1.2 企业并购2 1.3 并购绩效3 2 文献综述3 2.1 高管过度自信的经济后果3 2.2 并购绩效的影响因素4 2.3 文献述评4 3 理论基础4 3.1 自我归因偏差理论与控制幻觉理论4 3.2 行为金融学理论5 3.3 委托代理理论5 4 高管过度自信对企业并购绩效的影响机理6 5 案例分析6 5.1 公司背景6 5.2 高管过度自信与并购行为分析7 5.2.1 高管过度自信分析 7 5.2.2 高管过度自信与企业并购行为 8