CAJ | 학술논문

运用事件研究法,以2003—2011年中国的上市公司为样本,针对市场估值和管理者过度自信的相互作用对并购绩效的影响进行多元回归分析.结果发现:不同于过度自信管理者,理性管理者在高估和低估价值时期进行的并购活动都能带来正的超额收益.
운용사건연구법,이2003—2011년중국적상시공사위양본,침대시장고치화관리자과도자신적상호작용대병구적효적영향진행다원회귀분석.결과발현:불동우과도자신관리자,이성관리자재고고화저고개치시기진행적병구활동도능대래정적초액수익.
Using the method of the event study,a multivariate analysis is done to discuss gains to acquisitions inflected by the interaction between market valuation and overconfidence with a sample of listed companies of China in the period 2003—2011.The evidence provides that rational managers acquire positive teturns in high and low valuation in contrast to overconfident managers.