高管支付较高并购溢价的个体层面动因——增长压力抑或过度自信.pdf

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1、ABSTRACTPayinghighacquisitionpremiumisoneofthemainreasonswhichimpactacquisitionperformsnegativelyinacquisitions.Ineficacioustakeoversfrequ^itlytakeplaceinChina.However,theexecutives'enthusiasmforacquisitionisnotaffected.Inthefaceofthiscontradictory,itisnecessarytostudythemotivationof

2、executivespayinghighpremium.Studiesonacquisitionpremiumfromtheperspectiveofbehavioralfinancerisegraduallyinrecentdecades.Managementoverconfidencetheoryisoneoftherepresentativeachievements.Inaddition,someforeignscholarsstudytherelationshipbetweengrowthandacquisitionpremium.Bothoftheab

3、ovetwoaspectsarestudiesonhowexecutives'motivationeffectsenterprises'acquisitiondecisionfromtheperspectiveofindividuallevel.Therefore,thispaperattemptsfromthesetwoaspectstoresearchtheinfluencemechanismindifferentsituations.Besides,thispaperalsoresearchesthemoderationeffectofboardgover

4、nment.ThispaperchoseacquisitiondataoflistedcompaniesinShanghaiandShenzhenAstockfrom2004to2012asthestudyobjecttostudythemotivationthatmakeexecutivestopayhighpremium.Theresearchresultsindicatethatrelativesocialgrowthandrelativehistoricalgrowtharesignificantlynegativelycorrelatedwithacq

5、uisitionpremiumwhenfirmsdonotachievetheaspirationlevelofgrowth,profitforecastvarianceissignificantlypositivelycorrelatedwithacquisitionpremiumwhenfirmsachievetheaspirationlevelofgrowth;boardgovernmentdoesnotmoderategrowthpressurebutmoderatesoverconfidencetosomeextent.Accordingtothest

6、udyresults,whenthegrowthofenterprisedoesnotachievetheaspirationofexecutive,executivestendtopayhighacquisitionpremiumwhentheyaredesperatetoachieverapidgrowthbyacquisition.Intheoppositecase,executivesdonotfacewithintensegrowthpressure.Goodorganizationalperformisthesourceofoverconfidenc

7、ewhichcausesexecutivestooverestimatetheirowncapacityandunderestimaterisk.Affectedbyoverconfidence,executivesareliketopayhighpremiums.ThemostimportantinnovationofthispaperistoanalyzethemotivationwhyIexecutivespayhighacquisitionpremiumindifferentsituationsbyusingdifferenttheories.Besid

8、es，目录弓问题提出研究