关键词: 境外并购,自生锚,外在锚,股权决策

Abstract: There are insufficient information and higher uncertainty in the overseas mergers and acquisitions (M&A). Under these circumstances, senior managers may be inadvertently affected by the anchor information excessively, so as to make sticky decisions. Based on Chinese overseas M&A samples from 2007 to 2018, this paper adopts a two-stage Hedonic method and Tobit model to empirically test the anchoring effects in Chinese enterprises overseas M&A equity decisions. The results show that when there is only the self-generated anchor in the decision making situation, the equity decision shows the self-generated anchor effect. When there is only the external-provided anchor, the equity decision shows the external-provided anchor effect. And when there exist both the self-generated anchor and the external-provided anchor, the self-generated anchor effect is stronger. The overseas M&A experience has significantly weakened anchor effects. The higher the uncertainty of the decision making environment is, the stronger the external-provided anchor effect will be.

Key words: overseas mergers and acquisitions; self-generated anchor; external-provided anchor; equity decision