【作者】 岳靓；

【导师】 苏宁； 刘鸣镝；

【作者基本信息】 北京林业大学 ， 会计学， 2010， 硕士

【摘要】 本文立足于中国上市公司并购活动,以行为公司金融理论为研究重点,验证该理论在我国的适用性。全文采用规范分析与实证分析相结合的研究方法。具体而言,本文采用规范研究方法梳理理论并选取指标,采用实证研究方法选取中国资本市场并购数据进行分析与论证。首先,本文按照发展进程对并购理论进行梳理,按照研究脉络对行为公司金融理论进行总结与分析。笔者认为,及时地对新理论进行理论分析与实证研究是具有理论和实践意义的。其次,本文对基于行为公司金融理论研究并购活动的衡量指标进行总结和分析,严格按照概念界定选择衡量指标。第三,本文选取中国市场上2006年和2007年发生的并购事件,从两方面进行实证研究,实证结果验证了市场误定价与收购公司并购后绩效的关系,而否定了管理者过度自信与收购公司并购绩效的关系。最后,本文对研究进行总结论述,并为今后的相关研究提出方法与建议。更多还原

【Abstract】 Based on Behavioral Corporate Finance theory and M & A activities of Chinese listed companies, this article aims to prove the applicability of Behavioral Corporate Finance theory in Chinese M&A Market. The methods of this research include normative study and empirical study. To be specific, this article uses the method of normative study on M & A theory and Behavioral Corporate Finance theory, and empirical study on the performance of Chinese acquiring listed companies.Firstly, this article summarizes and analyses the M & A theory in chronological order and the author think that in-time theoretical and empirical study on new theory has its value. Secondly, it analyzes the variables based on Behavioral Corporate Finance theory and M & A theory to select appropriate variables. Thirdly, based on Behavioral Theory, the article has made empirical study on M & A activities of Chinese Listed Companies in two independent ways. The results show that investors’heterogeneous expectations have positive influence on companies’performance, but over-confident managers do not influence their companies’performance. Finally, this article makes conclusions and gives further consideration to similar studies in the future.更多还原