臺灣博碩士論文加值系統

公司投資效率性為近期研究中所關注的重要研究議題，然而過去
文獻大多探討財務報表與公司投資效率性間關係，迄今尚未有研究探
討公司管理團隊品質對公司投資決策影響。本研究檢測管理團隊品質
因素與公司投資無效率程度間之關聯性。研究樣本以台灣上市公司為
主，研究期間為2003年至2008年。
實證結果發現，管理團隊之規模、團隊成員之相關工作經驗及
CEO之支配力與投資無效率程度皆呈顯著負相關；此結果表示隨著管
理團隊規模的擴大，以增加不同背景成員，經由成員間不同觀點，以
修正投資決策錯誤的判斷，進而降低公司投資無效率。此外，管理者
擁有相關工作經驗，較能在變動與複雜環境中訂定有效投資決策，以
降低公司投資無效率。再者，權力較大之CEO可以改善並增加該團隊
之凝聚力，且隨者CEO本身持股比率上升，管理者和股東間之代理成
本降低，管理者較沒有動機從事擴張策略或特權消費等執行淨現值為
負之投資方案而導致過度投資行為，因而降低公司投資無效率。

Firm investment efficiency has been an important issue in recent years. Despite the numerous studies documenting the relationship between financial statements and investment efficiency, a relationship between management quality and investment decision has so far received little attention in the academic literature. This thesis empirically examines
the relationship between management quality and investment inefficiency. The data were hand-collected from the public listed companies in Taiwan for the periods from 2003 through 2008.
Empirical results find that the size of management team, managers’ pervious working experience and CEO dominance are significantly and negatively related to investment inefficiency. These results imply that the large size of management team consisting of managers from different
backgrounds with diverse viewpoints may help the firm to make the optimal investment decisions. Additionally, managers’ previous working experience may help the firms to make the right investment decision under volatile and complex environment. Third, a dominating CEO may improve and enhance the cohesion in the team. As the proportion of
CEO’s share ownership increase, the agency cost between managers and shareholders decrease. This prevents managers from empire building or perquisite consumption, which causes overinvestment. Overall, all the above factors of management quality can reduce investment inefficiency.

目錄
指導教授推薦書
口試委員會審定書
長庚大學論文授權書 iii
誌謝 iv
中文摘要 v
英文摘要 vi
目錄 vii
表目錄 x
圖目錄 xi
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究流程與架構 4
第二章 文獻回顧 5
第一節 投資效率性之相關文獻 5
一. 投資效率性之定義 5
二. 過度投資之相關研究 5
三. 投資不足之相關研究 6
四. 投資效率性之近期研究 7
第二節 管理品質相關文獻 9
一. 高階管理團隊 9
二. 管理品質構面 10
第三節 研究假說建立 16
第三章 研究設計與方法 19
第一節 變數衡量 19
一. 投資無效率性之衡量 19
二. 管理品質變數之衡量 22
第二節 實證模型 27
第三節樣本篩選與資料來源 30
一. 樣本選取與研究期間 30
二. 資料來源 31
三. 樣本產業分布情形 31
第四章 實證結果分析 33
第一節 敘述統計量分析 33
第二節 相關性分析 38
第三節 管理團隊品質對投資無效率的影響 41
一. 全產業之多元迴歸分析 41
二. 電子產業與非電子產業之多元迴歸分析 45
第四節 管理團隊品質對投資無效率之穩健性測試 52
第五章 結論與建議 57
第一節 研究結論 57
第二節 研究限制與後續建議 61
參考文獻 62

表目錄
表 3 樣本公司產業分布情形 32
表4-1-1 全產業之敘述統計表 35
表4-1-2 電子業之敘述統計表 36
表4-1-3 非電子業之敘述統計表 37
表4-2 相關係數矩陣 39
表4-3-1管理團隊品質對投資無效率的影響(全產業) 50
表4-3-2管理團隊品質對投資無效率的影響(電子與非電子產業) 51
表4-4-1管理團隊品質對投資無效率的影響—以Biddle et al. (2009)投
資模型之穩健性測試(全產業) 55
表4-4-2管理團隊品質對投資無效率的影響—以Biddle et al. (2009)投
資模型之穩健性測試(電子與非電子產業) 56
表5 檢定結果彙整 60

圖目錄
圖1 論文研究架構圖4

中文部分
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[2]林秀鳳(2008)。管理品質要素及對企業績效之影響─管理團隊特性之
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[3]許文吉(2006)。管理品質與自由現金流量之研究。未出版之碩士論文，
銘傳大學財務金融學系。


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