管理者过度自信、海外收购及其经济后果——基于“兖州煤业”的案例研究

›› 2016, Vol. 28 ›› Issue (11): 252-263.

管理者过度自信、海外收购及其经济后果——基于“兖州煤业”的案例研究

邓路¹, 徐睿阳¹, 谷宇², 廖明情³

1. 北京航空航天大学经济管理学院, 北京 100191;
2. 中国南方航空股份有限公司北京分公司, 北京 101318;
3. 华南理工大学工商管理学院, 广州 510641

收稿日期:2016-02-14 出版日期:2016-11-28 发布日期:2016-11-23
通讯作者: 廖明情(通讯作者),华南理工大学工商管理学院讲师,博士
作者简介:邓路,北京航空航天大学经济管理学院副教授,博士;徐睿阳,北京航空航天大学经济管理学院硕士研究生;谷宇,中国南方航空股份有限公司北京分公司。
基金资助:
国家自然科学基金项目（71572007；71402056；71202014）；全国会计领军（后备）人才学术类培养项目（K89Q3N01A）；广东省软科学研究计划项目（2016A070705011）；广州市哲学社会科学发展“十二五”规划项目（15G12）。

Manager Overconfidence, Overseas Acquisition and Economic Consequences: A Case Study of Yanzhou Coal Mining Co., Ltd.

Deng Lu¹, Xu Ruiyang¹, Gu Yu², Liao Mingqing³

1. School of Economics and Management, Beihang University, Beijing 100191;
2. China Southern Airlines Beijing Branch, Beijing 101318;
3. School of Business Administration, South China University of Technology, Guangzhou 510641

Received:2016-02-14 Online:2016-11-28 Published:2016-11-23

摘要/Abstract

摘要：

近年来，海外收购已成为中国企业实施“走出去”战略的重要途径，然而大多数海外收购并没有获得预期收益。本文以兖州煤业为研究对象，结合管理者过度自信相关理论，对兖州煤业海外收购行为、支付方式以及经济后果深入考察。研究发现：具有过度自信特质的管理者倾向于进行海外收购，且在收购时更偏好现金支付和负债融资，然而海外收购并没有提升公司业绩，反而带来负的财富效应。本文的研究结论扩展了行为金融学中管理者过度自信理论在新兴资本市场公司海外收购领域的研究范畴，同时也为“一带一路”战略下中国企业在实施海外收购时避免盲目乐观和过度自信提供了参照和借鉴。

关键词: 管理者过度自信, 海外收购, 经济后果

Abstract:

In recent years, overseas acquisition has become an important way for many Chinese companies to implement the "Go Global" strategy. Yet most of the acquisitions didn't achieve their expected benefits. By selecting Yanzhou Coal as the research subject, this pa-per thoroughly studies the acquisition process, payment method and economic consequences of Yanzhou Coal based on the manager over-confidence theory. It is found that overconfident managers are more likely to propose overseas acquisition and prefer cash payments and debt financing. However, such acquisitions did not improve the performance of Yanzhou Coal, and instead brought negative wealth effect to the company. The conclusion of the paper extends the research area of the manager overconfidence theory on overseas acquisition in e-merging markets. In addition, in the background of the "One Belt and One Road", Chinese companies that are about to implement over-seas acquisition can use the result of this study to guard against blind optimism and overconfidence.

Key words: manager overconfidence, overseas acquisition, economic consequences

邓路, 徐睿阳, 谷宇, 廖明情. 管理者过度自信、海外收购及其经济后果——基于“兖州煤业”的案例研究[J]. , 2016, 28(11): 252-263.

Deng Lu, Xu Ruiyang, Gu Yu, Liao Mingqing. Manager Overconfidence, Overseas Acquisition and Economic Consequences: A Case Study of Yanzhou Coal Mining Co., Ltd.[J]. , 2016, 28(11): 252-263.

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