Business and Globalization 商业全球化, 2019, 7(3), 25-31 Published Online July 2019 in Hans. http://www.hanspub.org/journal/bglo https://doi.org/10.12677/bglo.2019.73004文章引用: 柯剑, 宋斯奇. 管理者过度自信、内部控制与并购溢价[J]. 商业全球化, 2019, 7(3): 25-31.DOI: 10.12677/bglo.2019.73004Managers’ Over-Confidence, Internal Control and M & A Premium—On the Spillover Effect of Financial Industry SupervisionJian Ke 1,2, Siqi Song 11Beijing Technology and Business University, Beijing 2Minjiang University, Fuzhou FujianReceived: Jul. 1st , 2019; accepted: Jul. 23rd , 2019; published: Jul. 30th , 2019 AbstractThis paper selects the M & A transaction events from 2014 to 2016, studies the current situation of M & A premium due to overconfidence of enterprise managers, and then makes a detailed analysis of the relationship between the two variables. In the aspect of internal control, the adjustment effect is studied by using principal-agent theory as the starting point. The empirical study shows that the overconfidence of managers will make it easier for enterprises to pay a higher premium in M & A decision. The companies with overconfident managers pay a higher premium, in which internal control plays an inhibitory role. The conclusion of this paper is that doing well internal control can effectively reduce the possibility of M & A premium, reduce the extreme risk caused by information asymmetry, reduce the times of agency conflicts, and have certain constraints on management deci-sion-making behavior. Good internal control can effectively inhibit the situation of enterprise pre-mium M & A, which has a significant guidance for optimizing the regulatory mechanism of enterprise valuation and related information disclosure. Moreover, analyzing whether bank shareholding has governance effect on premium M & A is also helpful to deeply understand the spillover effect of bank loan fund supervision and the institutional arrangement of debt-to-equity swap. KeywordsOver-Confidence, Internal Control, M & A Premium 管理者过度自信、内部控制与并购溢价——兼论金融行业监管的溢出效应柯 剑1,2，宋斯奇11北京工商大学，北京