Irrational investors were common in China because of immaturity of the capital market. M&A events occurred between listed companies in China from 2007 to 2012 were used to study the impact of market mispricing caused by investor sentiment on corporates’M&A activities. Limited rational investors and managers were incorporated into the same framework to analyze the relationship among investor sentiment,managerial overconfidence and M&A performance. Empirical results showed that investor sentiment had a significant“deterioration effect”on M&A performance. Such finding also indicated that there existed the“intermediate effect channel of managerial overconfidence”through which investor sentiment affected M&A performance indirectly.%我国资本市场发展不成熟，投资者非理性普遍存在。为探究投资者情绪对上市公司并购绩效的影响，利用沪深两市2007—2012年间上市公司发生的并购事件，将投资者与管理者非理性纳入同一框架，对投资者情绪、管理者过度自信与并购绩效的关系进行了实证检验。研究发现，投资者情绪对并购绩效具有“恶化效应”，且投资者情绪影响并购绩效存在“管理者过度自信的中介效应”。
展开▼
