從財務金融的角度，企業透過併購方式增加公司價值及市場擴張。本文從行為財務學的角度探討中國上市公司在併購決策的決定中，CEO的過度自信是否對於公司價值會有顯著的影響。 企業併購通常是兩家企業結合為一家企業，因此在公司治理當中的董事會主席、CEO或是財務長等角色，將涉及到併購後的權力分配與高階管理者的內部問題，雖有公司治理的監督下，然在併購後所產生的權力衝擊等內部問題，則易造成企業在併購後企業價值的減少。 本研究實證結果發現公司的價值會因CEO的過度自信，在公司併購後而增加公司的價值。且當過度自信的CEO年齡較年輕，則當公司在執行併購後其公司價值價值也就相對會有增加效果。而女性的過度自信CEO因對於營運屬於風險趨避管理，因此相對來說對於企業價值在併購後也就會有減弱的影響。另外，高階經理人具備大學學歷及財金背景的特性，對於併購後企業價具有減緩企業價值減少的效果。 From the financial behavior perspective, firms use mergers and acquisitions in order to raise company value. This thesis aims to investigate CEO overconfidence in China companies and test whether or not CEOs overconfidence will have an impact on firms’ value after mergers and acquisitions. Because of the balance of power conflict might arise at a firm after mergers and acquisitions, thus, even corporate governance is a way to monitor CEO power, however, the internal conflict and authorities conflict may arise after two companies have merged into one corporate and have negative impact on firm value after mergers and acquisitions. The empirical results of this thesis have shown that firm value is positively related to CEOs overconfidence. In addition, the overconfidence of young CEOs show significant more aggressive in mergers and acquisitions, thus firm value has enhanced because of young CEOs eager to success in the early career stage. Also, this thesis evidence shows that if firms prefer to focus more in supervisory and risk aversion control, female CEOs are the ideal candidate for the establishment the corporate policy and risk management. Also, CEO who possesses a bachelor degree and financial background shows a significant and positive influence to slow down firm value decreased in the empirical result.
