臺灣博碩士論文加值系統

本文以2005年至2010年美國S&P500的公司為研究樣本，探討過度自信的經理人與衍生性商品使用之間的關係，結果顯示過度自信的經理人較非過度自信的經理人有較多的機會使用使用衍生性金融商品。我們進一步探討對公司價值的影響，發現過度自信經理人使用衍生性商品，整體而言並不會增加公司價值(Tobin''s Q)，而沒有操作衍生性商品的公司之績效相對於有操作的公司有較高的價值。

This paper examines the relation between CEO overconfidence and derivative usage. Using a sample of 605 US observations over year 2005 through 2010, we find that firms with overconfidence CEO have higher chance to use derivative than firms without overconfidence managers. Furthermore, we examine the impact of derivative usage by overconfidence CEO. The results show that hedge firms have lower performance than non-hedge firms. Overconfidence CEO with derivative usage have inferior performance than non-overconfidence CEO in using derivative.

摘要..............................................................................................................i
Abstract.......................................................................................................ii
誌謝.............................................................................................................iii
目錄.............................................................................................................iv
表目錄..........................................................................................................v
第一章 緒論.................................................................................................1
第一節 研究背景及動機.........................................................................1
第二節 研究目的.....................................................................................2
第三節 研究流程.....................................................................................3
第二章 文獻回顧.........................................................................................4
第一節 傳統避險理論.............................................................................4
第二節 衍生性商品及公司價值.............................................................5
第三節 過度自信與衍生性商品.............................................................7
第三章 研究方法.......................................................................................10
第一節 樣本與資料來源.......................................................................10
第二節 研究模型與變數定義...............................................................10
第四章 實證結果與分析...........................................................................16
第一節 基本資料敘述統計量分析.......................................................16
第二節 logit迴歸分析............................................................................23
第三節 避險與公司績效.......................................................................28
第五章 結論...............................................................................................32
參考文獻....................................................................................................33

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