Merger Type、Managerial Overconfidence And Acquisition Performance

M and A is a hot topic in the market. Although the economy emerges with new characteristic, mergers and acquisitions is still one of dazzling "star" in the cities. Nowadays, set off activities of mergers and acquisitions have great impact on the market economy, thus more and more people become to focus on the performance of M & A. At the same time, many researches about the performance of M & A have achieved fruitful results, many of them are based on the type of M & A, but rarely involved the overconfidence of the managerial overconfidence、 the short-term and long-term performance to the type of merger and acquisition.In this paper, under the premise of combing related literature, it analyzes the research problems and to be perfect place currently, drawing on existing research results, based on in 2009--2011 years of M & A event-based, hand-read 1193 merger announcement, and then collect their acquisition, sample data(data covering the period 2009-2014) three years after the merger, the total 5643 sample data, using T test, multiple regression method, an empirical test. First, the short-term market reaction to merger and long-term performance of the research subject, and to explore the acquisition of short-term market reaction reflects the acquisition of long-term performance of the incident whether the difference; secondly, the effects of this type of merger differences; and finally, from the perspective of behavioral finance, empirical analysis of the managerial overconfidence on the type of acquisition and short-term market reaction, and the type of relationship with the long-term performance. Additionally, this article attempts to introduce Merger on gambling agreements signed and target companies for M & A performance of listed property for, to enrich the previous studies. Empirical results show that:(1) acquisition of short-term market reaction and long-term performance to reflect M & A events have differences: M & A can cause significant short-term market reaction and produce a positive average cumulative abnormal return Car, and after completion of the acquisition of long-term performance first and then down then up trend;(2) the type of short-term market reaction acquisitions and long-term performance on differences in: M & M will not be short-term market reaction to produce different types of significant differences, but because of the long-term performance of M & M type different vary, namely long-term performance-related mergers and acquisitions significantly better than non-related mergers and acquisitions, and this is mainly reflected in strengthening the role of the second year after the merger is completed and the third year;(3) the type of managerial overconfidence and M & short-term market reaction, as well as mergers and acquisitions type of relationship between the long-term performance has a regulatory role, mainly reflected in: manager overconfidence significantly improve short-term market reaction to a non-related mergers and acquisitions, but significantly reduces the acquisition of long-term performance, and managerial overconfidence on minimize non-M & a-related long-term performance is much larger than related mergers and acquisitions, after the samples were divided by year, we found that managerial overconfidence on the type of mergers and acquisitions has been the existence of long-term performance, not because of the length of time and change;( 4) the target company listed properties can significantly improve long-term performance of M & a; and this article failed to confirm the bet after the signing of the merger agreement can really play the role of M & a performance incentives. Finally, the article empirical results and the actual situation were suggestions from the macro, meso and micro perspective.Based on the type of merger, article explores managerial overconfidence regulation of M & A performance, while short-term M & A market analysis of the inventive reaction with long-term performance of M & A events reflect differences and signed a merger agreement on gambling analyzed in the study and attempt the impact on the target company’s M & a performance of listed property, not only enriches the previous studies, and on the M & a market has a certain reference.