马兵茹 王疆

摘 要：文章基于行为金融学理论，以中国上市公司在2007-2016年间进行的跨国并购为样本，研究了CEO过度自信这一特征对股权进入模式选择的影响。此外，由于公司规模的异质性会影响管理者在公司中的话语权，因此又进一步分析了公司规模对二者关系的调节效应。实证结果显示，CEO过度自信与跨国公司的股权进入模式呈显著的正相关关系，这表明在跨国并购活动中，相对于非过度自信的CEO，过度自信的CEO更倾向于选择具有较高风险性的多数股权进入模式进入海外市场；公司规模与股权进入模式二者之间的相关系数为正，但这种正相关性并不显著，表明公司规模这一变量本身对跨国公司在跨国并购中的股权进入模式选择的正向影响并不明显；然而，研究发现，公司规模与CEO过度自信的交互项在5%的显著性水平上与股权进入模式负相关，表明公司规模弱化了CEO过度自信与股权进入模式的相关关系。文章分析结果表明，CEO自身心理特征会影响其战略倾向与风险偏好，进而影响公司的战略决策，公司在实际治理中要注意对CEO权利的制约与分散。

关键词：跨国并购；股权进入模式；行为金融理论；CEO过度自信；公司规模

中图分类号：F 272 文献标识码：A 文章编号：1672-7312（2018）05-0569-06

Abstract：Based on behavioral finance theory，this paper studied the influence of CEO overconfidence on the choice of equity entry mode in Chinese listed firms from 2007 to 2016.In addition，the heterogeneity of firm size affects managers right to speak in the company，therefore，this paper further analyzed the moderating effect of firm size on the relationship between CEO overconfidence and cross-border merger & acquisition（M&A）The results indicate that there is a significant positive correlation between CEO overconfidence and multinationals equity entry modes，which means，compared with non-overconfident CEO，overconfident CEO tends to choose more risky decisions during cross-border M&A activities to enter the foreign market；The correlation between firm size and equity entry mode is positive，but not significant，indicating that the positive influence of firm size itself and multinationals equity entry modes choice in cross-border M&A is not obvious；However，the study found that the interaction term of firm size and CEO overconfidence is negatively correlated with the equity entry mode in the 5% significance level，which means the firm size weakens the relationship between CEO overconfidence and equity entry mode.The analysis of this paper showed that the psychological characteristics of a CEO will affect his/her strategic orientation and risk appetite，thus affecting the companys strategic decision-making.The company should pay attention to the restriction and dispersion of the CEOs rights in the actual governance.

Key words：cross-border M&A；equity entry mode；behavioral finance theory；CEO overconfidence；firm size

0 引 言

隨着经济全球化和各国贸易文化交流的深入，跨国并购已经成为全球资源配置和对外直接投资的重要途径[1-2]。联合国贸易与发展会议发布的《2017世界投资报告》显示，2016年全球……