The Effect Of Managerial Overconfidence On The Company’s Merger Performance-The Empirical Study Based On The Different M&A Type

In recent years,we pay more and more attention to the development of family business.According to "Forbes" survey,it is found that among the china’s private listed companies in 20 1 2,nearly half of which is family business.And we can see that family business plays an important role in China’s economic development.However,more and more family business innovators have been close to retirement age,the problem of family business successor has appeared.Whether the family can be reasonable and effective to complete the heritage,is not only the problem that the most of the founders concerned,but also gained the attention of the local government.Because the generational inheritance of family business is not only related to the business fate in the future,but also has great impact on the local economy.According to the research of related documents overseas and domestically,it can be found that the research on the internal inheritance of family business just started five years ago.The generational inheritance within the family business is divided into three aspects:ownership,control power and management.The main view of the scholars is that the inheritance of ownership and management power are both beneficial to improve the enterprise performance,but the direct impact of inheriting control power has no definite conclusion.In addition,the internal management of the company is reflected in these positions,such as chairman,general manager,vice chairman,director and many others,and these specific duties plays different roles on the corporate performance.So the management of internal family business is fully inherited or just a part of the heritage,which may lead to different results of business performance.In this paper,based on the theory of family business,four hypotheses are put forward.We select all listed enterprises which are defined as family business in 2012 as our samples,positively analyzing the samples of three consecutive years from 2013 to 2015,from three aspects——respectively are ownership,control power and management We analyze the impact of internal generational inheritance on the corporate performance.In this paper,we use two indicators Tobin q and ROA to measure the performance of family business.The indicators of measuring internal generation inheritance of the family company are whether the next-generation inherits ownership,whether the next-generation inherits control power,whether the next-generation inherits management completely and whether the next-generation inherits management partly,which are dummy variables.We perform linear regression and verify the assumptions.To begin with,this paper elaborates the background of studying the internal generation inheritance of family business,theoretical significance,practical significance,research targets,research methods,research content,and the technical route of Inheritance problem.It also tells the innovation of this study,and some parts which need to be improved later and so on.Nextly,it draws a conclusion from the definition of family business,the internal generation inheritance of family business,the performance of family business and the influence of internal generation inheritance of family business on enterprise performance.It also tells the lack parts of family business in this area which combines with existing research results at home and abroad.Based on the theory of family business,it proposes hypotheses,and wait empirical analysis to verify later.Afterwards,it introduces the sample selection,data source and data processing tool.At the same time,it also definites explained variables,explaning variables and control variables,and designs the regression model needed in this reasearch too.The demonstration mainly contains the descriptive statistical analysis of all variables and the correlation analysis between variables,and a regression analysis on the effect of family operator’s internal generation inheritance,which includes ownership,control power,complete management and partial management,on enterprise performance.Then,according to the regression results,we can draw the relevant conclusions.The main conclusions of this paper are as follows:(1)The influence of the inheritance of family business on enterprise performance is not significant.(2)The transmission of control power in family business is harmful to improving business performance.(3)While the internal generation inheritance of management partly is beneficial to improving business performance,the transmission of management fully is harmful to improving business performance.Based on these three conclusions,this paper puts forward some problems that we need to consider for the internal generation inheritance of family business.At the same time,this paper also provides three feasible countermeasures and suggestions at the end.First,assign positions to the offspring and clarify the scope of duties.Second,choose to leave after the offspring can operate the business on his own.Third,pay attention to the transmission of social capital in the inheritance of control power.