臺灣博碩士論文加值系統

本文主要探討CEO過度自信對智慧資本(IC)投資的影響。大多數過去的研究發現，過度自信對經理人如何做出決策有直接的影響，因此我們更進一步討論，智慧資本異常投資是否會對公司績效產生顯著的影響。我們採用台灣上市與上櫃公司2007年至2017年期間之樣本資料，而我們主要依據Fu(2010)的研究方法來衡量投資活動和異常投資，並使用智慧資本增值係數(VAIC)作為智慧資本之衡量指標。我們的實證結果發現，當公司CEO過度自信時，會導致智慧資本過度投資的情況產生，接而影響公司績效。

This paper primarily examines the effect of CEOs overconfidence on intelligent capital(IC) investment. Most of the previous studies find that overconfidence directly influences how do managers make decisions, so we also discusses whether there is a significant explanation in IC abnormal investment to corporate performance. Our sample consists of 11 years data, from 2007 to 2017 December, of non-financial companies listed in the Taiwan Stock Exchange and OTC stock exchange. We adopt the method to measure investment activities and abnormal investment of this study is mainly based on FU (2010). And we use the model-Value Added Intellectual Coefficient (VAIC) as the measure index for our Intelligent Capital. Moreover, our empirical results show that managers with a higher degree of overconfidence are more likely tend to overinvestment intelligent capital then it will further influences corporate performance.

摘要 I
Abstract II
Contents III
List of Tables IV
1. Introduction 1
2. Literature and Hypotheses 3
2.1 Intelligent Capital 3
2.2 Overconfidence 3
2.3 Abnormal Investment 4
2.4 Corporate Performance 5
3. Research Methods 6
3.1 Sample 6
3.2 Variable Definitions 6
3.3 Empirical Model 10
4. Empirical Results and Analysis 10
4.1 Descriptive statistics 10
4.2 The abnormal investment of overconfidence 12
4.3 The corporate performance of abnormal investment 13
4.4 Regression analysis 13
4.4.1 Regression analysis results of overconfidence and abnormal investment 14
4.4.2 Regression analysis results of abnormal investment and corporate performance 14
4.4.3 The regression analysis adds corporate governance variables 15
4.4.4 Cross-multiplication of AI and overconfidence 16
4.4.5 Regression results classified by electronic industry 17
4.5 Robustness check of financial tsunami 18
5. Conclusion 18
References 20

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