%0 Journal Article
%T Herding in M&A:An empirical study of Chinese firms<br>公司并购中的“羊群行为”:基于中国数据的实证研究
%A ZHANG Wei~
%A <br>张维
%A 王雪莹
%A 熊熊
%A 张永杰
%J 系统工程理论与实践
%D 2010
%I 
%X M&A is one of the most important ways to allocate resources in securities market,but not all M&A transactions are efficient and rational.By establishing a theoretical model of M&A decision-making, this paper demonstrates the ability ofherding behaviorin interpreting irrational M&A.The hypotheses derived from the model are tested with the empirical M&A data of A-shares listed companies in Chinese stock market between 2002 and 2004.The findings suggest that the M&A performance of the companies with fewer prec...
%K M&A:performance
%K managers'irrationality
%K herding<br>并购
%K 绩效
%K 经理人非理性
%K 羊群行为
%U http://www.alljournals.cn/get_abstract_url.aspx?pcid=01BA20E8BA813E1908F3698710BBFEFEE816345F465FEBA5&cid=962324E222C1AC1D&jid=1D057D9E7CAD6BEE9FA97306E08E48D3&aid=A08E5C3D1BC547A5A4C9927E851E7E73&yid=140ECF96957D60B2&vid=340AC2BF8E7AB4FD&iid=38B194292C032A66&sid=522844664D9E629A&eid=788931E6318420A3&journal_id=1000-6788&journal_name=系统工程理论与实践&referenced_num=0&reference_num=37