The Reasearch On Monetary Policy,Managerial Overconfidence And Real Estate Enterprises M & A Decision-Making

In the fierce market competition,how to make the enterprise bigger and stronger quickly is the strategic problem that the real estate enterprise managers pay attention to,and the merger and acquisition of the enterprise is undoubtedly an important means to achieve this goal.As the designer and executor of the strategic decision of real estate enterprises,company executives undoubtedly play an important role in M & A.At the same time,M & A activities of real estate enterprises affect external stakeholders and market competitors,and are restricted by macro policy.This treatise focuses on the impact of manager overconfidence on the M & A decision of real estate enterprises,and further studies the regulatory effect of monetary policy,an important external policy variable,on the relationship between executive overconfidence and M & A decision.This treatise takes A share real estate listed companies from 2007 to 2016 as the research sample,through the empirical research method,explores the correlation among the overconfidence of executives,monetary policy and M & A decision of listed companies in real estate industry in China.The results show that(1)the overconfidence of managers has a significant positive impact on M & A decision making.(2)The degree of monetary policy easing has a significant positive effect on M & A decision.(3)The relationship between purchase decision and purchase decision has a regulating effect.(4)This treatise further classifies the sample enterprises according to the nature of the property right of the enterprise.The results show that the correlation between overconfidence and M & A decision in non-state-owned enterprises is higher than that in state-owned enterprises,and the influence of monetary policy on the correlation between executive overconfidence and M & A decision is also greater.This study provides an empirical research reference for M & A decision and monetary policy formulation of real estate enterprises,and extends the research on executive overconfidence in specific industries.At the same time,it provides relevant empirical results for the implementation of monetary policy micro transmission mechanism in the real estate industry.