DNB - Vol34 - Nosuppl 1 - 116

ABSTRACTS
Psychiatria Danubina, 2022; Vol. 34, Suppl. 1, pp 26-888
anxiety and depression, and then leads to cognitive impairment. Cognitive psychology is an important
school of contemporary psychological research. It explains how people deal with information in cognitive
activities. Therefore, based on cognitive psychology, the research applies the new technology of
pharmaceutical preparation to the modernization of traditional Chinese medicine preparation, and puts
forward the corresponding measures. The results showed that there was no significant difference in MMSE
score between the two groups before treatment (P > 0.05). After treatment, the MMSE scores of patients in
both groups increased significantly (P < 0.05), and the MMSE scores of patients in the study group were
significantly higher than those in the control group (P < 0.05). To sum up, the application of new drug
preparation technology to the modernization of traditional Chinese medicine preparation can effectively
improve the production efficiency of traditional Chinese medicine, reduce the complexity of traditional
Chinese medicine preparation, alleviate the staff’s negative emotions such as anxiety and depression, and
treat the staff’s cognitive impairment.
* * * * *
RELATIONSHIP BETWEEN MANAGERS’ OVERCONFIDENCE AND MERGERS AND

ACQUISITIONS PERFORMANCE FROM THE PERSPECTIVE OF COGNITIVE
PSYCHOLOGY
Nan Wang
School of Business, Nanjing University of Information Science & Technology, Nanjing 210044, China
Background: Mergers and Acquisitions (M & A) an important strategy for enterprises to achieve rapid
expansion. With the continuous development of China’s economic level, the financial transaction market is
becoming larger and larger, and the transaction of China’s M & A market is becoming more and more active.
Therefore, China has launched various policies on M & A market transaction, improved the laws and
regulations of M & A market, and the process of M & A reorganization is becoming more and more simple,
which has greatly improved the success rate of M & A transactions, and the enthusiasm of many listed
companies for M & A continues to rise. However, in the wave of M & A of listed enterprises, the performance
growth of M & A transactions is not ideal, but leads to the loss of the wealth of enterprise shareholders. The
traditional financial theory cannot give a reasonable explanation for this phenomenon until the proposal
and development of behavioral finance theory. Some scholars have discussed the impact of the
psychological cognitive bias of these enterprise executives on management activities, and concluded that
overconfidence in management is the most important factor affecting enterprise decision-making.
Behavioral finance theory cannot fully explain this phenomenon, so it is necessary to introduce new theories.
Cognitive psychology is a branch of psychology that began to rise in 1950. It mainly studies human advanced
psychological processes, such as attention, perception and so on. The orientation of cognitive psychology
focuses on the mode of thinking and reasoning by using cognition. Therefore, using cognitive psychology
theory to study the psychological cognitive bias of enterprise executives can effectively explain the
phenomenon that M & A transactions do not increase the performance of enterprises satisfactorily, but lead
to the loss of the wealth of enterprise shareholders under the wave of M & A of listed enterprises. Based on
cognitive psychology, overconfident enterprise managers have very typical psychological characteristics,
that is, they are optimistic about the investment prospect, overestimate their investment success rate, and
hate investment losses. Overconfidence will make enterprise managers have psychological deviation, which
makes managers mistakenly overestimate their management ability and wealth creation ability, and then
urge managers to implement M & A activities with negative net present value, resulting in enterprise losses.
Based on cognitive psychology, this study puts forward several hypotheses: managers’ overconfidence will
have a negative impact on M & A performance. The employment of independent directors in colleges and
universities can improve the M & A performance of the enterprise to a certain extent. Independent directors
of colleges and universities can inhibit the overconfidence of enterprise managers and manage M & A
activities with negative net present value. In the same area, the independent directors of colleges and
universities and enterprises can more effectively manage the M & A activities with negative net present
value caused by the overconfidence of enterprise managers. Based on the above contents, the research uses
the M & A events of A-share private listed companies in Shanghai and Shenzhen as data samples, and then
makes empirical analysis, deeply analyzes the relationship between managers’ overconfidence and M & A
performance, and then governs it, so as to provide theoretical data support for the development of China’s
listed enterprises and M & A market.
Objective: Under the wave of M & A of listed enterprises, the performance growth of M & A transactions
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ABSTRACTS
Psychiatria Danubina, 2022; Vol. 34, Suppl. 1, pp 26-888
is not ideal, but leads to the loss of the wealth of enterprise shareholders. Behavioral finance theory holds
that overconfidence in management is the most important factor affecting enterprise decision-making.
However, behavioral finance theory cannot fully explain this phenomenon, so it is necessary to introduce
new theories. Therefore, the study uses cognitive psychology theory to study the psychological cognitive
bias of enterprise executives, effectively explain this phenomenon, and provide theoretical data support for
the development of listed enterprises and M & A market in China.
Research objects and methods: Based on cognitive psychology and behavioral finance theory, this study
puts forward four hypotheses, and uses the M & A events of A-share private listed companies in Shanghai and
Shenzhen as data samples for empirical analysis.
Research design: Define explanatory variables and explained variables, and establish a model to verify
the impact of enterprise managers’ overconfidence on M & A performance. The size of influence is graded,
and from 0 to 4 represent five different levels of influence from small.
Methods: Using Excel and SPSS20.0 to process and analyze relevant data.
Results: It can be seen from Table 1 that cognitive psychology mainly includes four contents: treating the
human brain as an information processing system similar to computer, emphasizing the decisive role of
existing knowledge and knowledge structure in human brain on its current behavior and cognitive activities,
emphasizing the integrity of cognitive process and production system. The influence levels of the four on
managers’ overconfidence are 4, 4, 3 and 2 respectively, which are at a high level. It emphasizes the
decisive role of people’s existing knowledge and knowledge structure on their current behavior and
cognitive activities, and the final impact on M & A performance is negative. The remaining three main
contents have a positive role in promoting M & A performance.
Table 1. Effects of cognitive psychology on managers’ overconfidence and M & A performance

Main contents of cognitive psychology Manager overconfidence M & A performance
Think of the human brain as an information
4 +
processing system similar to a computer
It emphasizes that the existing knowledge and
knowledge structure in people’s mind play a decisive 4 -
role in their current behavior and cognitive activities
Emphasize the integrity of cognitive process 3 +
Production system 2 +
Conclusions: This study provides theoretical data support for the development of China’s listed
enterprises and M & A market. The four main contents included in social psychology will have varying
degrees of impact on managers’ overconfidence and significantly promote M & A performance. Only the
decisive role of personal knowledge on current behaviors and activities hinders the improvement of M & A
performance.
* * * * *
THE INFLUENCE OF COLLEGE PHYSICAL EDUCATION ON ALLEVIATING COLLEGE

STUDENTS’ PSYCHOLOGICAL ANXIETY FROM THE PERSPECTIVE OF CURRICULUM
IDEOLOGY AND POLITICS
Wen Yan1, Peng Ye2 & Xiaojing Cao2
1
College of Business Administration, Xuzhou College of Industrial Technology, Xuzhou 221140, China
2
Physical Education and Arts Department, Xuzhou College of Industrial Technology, Xuzhou 221140, China
Background: Anxiety is a complex emotional response caused by psychological conflict or frustration. It
is an unpleasant emotion, usually intertwined with anxiety, tension, disappointment, uneasiness, fear,
anxiety and shame. When people are angry, this is a natural emotion of human beings. Excessive anxiety can
easily lead to physical and psychological abnormalities. College students are in a specific stage of physical
maturity and psychological immaturity. They are facing more and more social challenges, learning pressure
and employment pressure, which leads to students’ long-term tension and psychological obstacles.
According to the relevant survey data, the mental health status of college students is not optimistic. At
present, about 30% of college students in China have varying degrees of mental health problems, mainly
manifested in anxiety, depression, paranoia, compulsion, tension and so on. In addition, the incidence rate
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ABSTRACTS

Psychiatria Danubina, 2022; Vol. 34, Suppl. 1, pp 26-888

RELATIONSHIP BETWEEN MANAGERS’ OVERCONFIDENCE AND MERGERS AND

Table 1. Effects of cognitive psychology on managers’ overconfidence and M & A performance

THE INFLUENCE OF COLLEGE PHYSICAL EDUCATION ON ALLEVIATING COLLEGE

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