CAJ | 학술논문

为客观地认识后金融危机时期我国企业的跨国并购行为，为未来的跨国并购决策提供有益参考，选取沪深两市2008~2010年间发生跨国并购的上市公司为研究样本，采用持股变动法判断企业高管是否过度自信，运用因子分析法建立跨国并购绩效评价指标，通过描述性统计分析、简单相关分析和偏相关分析，研究高管过度自信对跨国并购绩效的影响。结果表明：我国上市公司高管过度自信与跨国并购前一年的绩效显著正相关，与并购后一年的绩效显著负相关，且与并购当年及并购后两年的绩效存在负相关关系，但其显著性随研究数据和方法的不同而不同。
위객관지인식후금융위궤시기아국기업적과국병구행위，위미래적과국병구결책제공유익삼고，선취호심량시2008~2010년간발생과국병구적상시공사위연구양본，채용지고변동법판단기업고관시부과도자신，운용인자분석법건립과국병구적효평개지표，통과묘술성통계분석、간단상관분석화편상관분석，연구고관과도자신대과국병구적효적영향。결과표명：아국상시공사고관과도자신여과국병구전일년적적효현저정상관，여병구후일년적적효현저부상관，차여병구당년급병구후량년적적효존재부상관관계，단기현저성수연구수거화방법적불동이불동。
To understand objectively the transnational merger and acquisition (M&A)of Chinese companies during the post-financial crisis period,and provide a useful reference for future transnational M&A decisions,senior executives'overconfidence was examined by applying the shareholding change method and using the data samples from the listed companies in Shanghai and Shenzhen exchange markets that carried out transnational M&A during 2008 -2010.Then the assessment indexes of transnational M&A performance were formulated with factor analysis,and the impacts of senior executives ' overconfidence on transnational M&A performance were explored with descriptive statistical analysis,simple correlation analysis and partial correlation analysis.The results showed that the senior executives ' overconfidence in China 's listed companies has a positively significant correlationship with the performance of the year before transnational M&A and a negatively significant correlationship with the performance of the year after.Moreover,it is negatively correlated to the performance of the year and the two years after transnational M&A,but its significance varies with different research data and methods.