本文選題：行為公司金融　切入點(diǎn)：管理層情緒　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：在剛剛過去的2013年,國(guó)內(nèi)金融市場(chǎng)上發(fā)生了許多重大調(diào)整,其中一件大事就是IPO的暫停。2014年1月,IPO重啟,但此次發(fā)行制度的改革和監(jiān)管力度的加強(qiáng),已讓國(guó)內(nèi)許多欲上市融資的企業(yè)感到一股涼意；與此同時(shí),并購(gòu)重組審核分道制等鼓勵(lì)政策頻出,使得去年國(guó)內(nèi)并購(gòu)市場(chǎng)的宣布交易規(guī)模達(dá)到了近7年來的最大值。自1994年國(guó)內(nèi)開啟并購(gòu)第一單,并購(gòu)重組在中國(guó)資本市場(chǎng)上經(jīng)歷了近20年的發(fā)展。然而,它在為企業(yè)帶來資本擴(kuò)張、資產(chǎn)結(jié)構(gòu)調(diào)整、資源優(yōu)化配置的同時(shí),也帶來了一定的風(fēng)險(xiǎn)；并購(gòu)重組市場(chǎng)表面紅火,但內(nèi)部存在著大量的異常資本配置和低效、無效,甚至負(fù)效應(yīng)的并購(gòu)重組決策。早在20世紀(jì)末期,國(guó)外學(xué)者就已經(jīng)捕捉到了這種有悖于“股東利益最大化”的金融異象。然而,在“理性人假設(shè)”條件下,傳統(tǒng)的公司金融理論無法對(duì)這種有損于股東價(jià)值的低效并購(gòu)行為做出很好的解釋；而隨著行為公司金融學(xué)的興起,市場(chǎng)參與者在進(jìn)行金融決策行為時(shí)的“黑箱”被打開,曾經(jīng)被簡(jiǎn)化、弱化,甚至機(jī)械化的“人”的行為和心理被提升到一個(gè)新的高度,人們逐漸了解并相信：市場(chǎng)參與者是非理性的�；趪�(guó)內(nèi)上市公司在并購(gòu)重組后并未取得企業(yè)長(zhǎng)期績(jī)效改善的現(xiàn)實(shí)、以及行為公司金融學(xué)在解釋“企業(yè)無效并購(gòu)行為”這一異象時(shí)的獨(dú)特性,本文試圖從更加微觀的“管理者非理性”角度,探究管理者情緒與A股上市公司并購(gòu)重組決策之間的關(guān)系。這對(duì)幫助投資者了解上市公司運(yùn)作模式、強(qiáng)化投資風(fēng)險(xiǎn)意識(shí),以及幫助監(jiān)管者施行更加有效的市場(chǎng)監(jiān)督機(jī)制,具有實(shí)際的意義。本文得出的主要結(jié)論包括：(1)在其他條件相同的情況下,高管過度自信的情緒將顯著驅(qū)動(dòng)公司并購(gòu)重組的決策,而高管悲觀的情緒將顯著抑制公司并購(gòu)重組的決策；(2)當(dāng)目標(biāo)公司的規(guī)模相對(duì)于收購(gòu)公司較大時(shí),并購(gòu)重組的交易更容易發(fā)生,并且當(dāng)管理者對(duì)公司前景看淡時(shí),這種關(guān)系更加明顯；(3)高管情緒對(duì)施行并購(gòu)重組決策的影響在資產(chǎn)收購(gòu)這一交易類型中表現(xiàn)得更加明顯；(4)在目前的A股上市公司中,獨(dú)立董事比例對(duì)公司并購(gòu)重組的決策沒有顯著影響。
[Abstract]:In 2013, there were many major adjustments in the domestic financial market, one of which was the suspension of the IPO. In January 2014, the IPO resumed, but the reform of the issuance system and the strengthening of the supervision were strengthened. At the same time, the merger and reorganization review and separation system and other incentive policies have frequently emerged. The scale of announced transactions in the domestic M & A market last year reached the highest level in nearly seven years. Since 1994, the first order of M & A in China, mergers and acquisitions have experienced nearly 20 years of development in China's capital market. However, It not only brings about capital expansion, asset structure adjustment and resource optimization allocation for enterprises, but also brings certain risks. The M & A market is booming on the surface, but there are a lot of abnormal capital allocation and low efficiency inside, which are ineffective. In the end of 20th century, as early as the end of 20th century, foreign scholars had captured this kind of financial vision contrary to "maximization of shareholders' interests." however, under the condition of "rational man hypothesis", The traditional corporate finance theory can not explain this inefficient merger and acquisition behavior which is harmful to shareholders' value. However, with the rise of behavioral corporate finance, the "black box" of market participants in financial decision-making has been opened. Once simplified, weakened, and even mechanized, the behavior and psychology of "people" were raised to a new level. People have come to understand and believe that market participants are irrational. Based on the fact that domestic listed companies have not achieved long-term performance improvement after mergers and acquisitions, As well as the uniqueness of behavioral corporate finance in explaining the vision of "invalid mergers and acquisitions", this paper attempts to take a more microscopic view of "manager irrationality". To explore the relationship between manager sentiment and M & A decisions of A-share listed companies, which helps investors understand the operating mode of listed companies, strengthens investment risk awareness, and helps regulators implement more effective market supervision mechanism. The main conclusions in this paper include: 1) under other conditions, the mood of executive overconfidence will significantly drive the decision of M & A. The pessimism of executives will significantly inhibit the decision to make mergers and acquisitions.) when the target company is larger than the acquisition company, M & A transactions are more likely to occur, and when managers are bearish about the company's prospects, This relationship is even more evident) the impact of executive sentiment on the decision to implement mergers and acquisitions is more pronounced in the asset acquisition transaction type.) in the current A-share listed companies, The proportion of independent directors has no significant influence on the decision of M & A.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F832.51;B842.6

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本文編號(hào)：1607315