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研究生:唐唯皓
研究生(外文):Wei-Hao Tang
論文名稱:執行長與公司多角化之間的關係
論文名稱(外文):The Relation between the CEO’s Behavior and Corporate Diversification
指導教授:沈仰斌沈仰斌引用關係
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:45
中文關鍵詞:行為財務過度自信多角化和公司價值
外文關鍵詞:Behavioral financeOverconfidenceDiversificationand Value
相關次數:
  • 被引用被引用:1
  • 點閱點閱:183
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本論文研究執行長的過度自信行為與公司營運之間的關係。本文所使用的公司資料包含所有自西元1992年到西元2007年在紐淤證交所上市之公司(New York Stock Exchange, NYSE)。過度自信的模型依據公司執行長該年度所持有增加的股票價值所得來。在本文中,我發現若過度自信的經理人持有較多的自由現金流量較容易做出多角化的決策,尤其是與母公司無相關的產業。最後,我發現過度自信對公司的價值影響是非線性的。輕微的過度自信是有助於公司價值,但是嚴重的過度自信是傷害公司價值。
This dissertation demonstrates how the overconfident chief executive officer’s behavior involves in the company operation. The data include those companies which listed in New York Stock Exchange (NYSE) from 1992 to 2007. The overconfident measurement is estimated by the number of positive changes in the CEO’s shareholding value. I find that there is higher likelihood for the overconfident CEO with more cash flow to diversify their company. Besides, the overconfident one prefer the different two-digit SIC code diversification to the related diversification but this evidence is not robust. The last finding is the nonlinear influence of the overconfident CEO on the firm’s value. The moderate overconfident one benefit the firm but extreme ones don’t.
摘 要 ii
ABSTRACT iii
Acknowledgement iv
Contents v
Figure vi
Table vi
1. Introduction 1
2. Overconfident Measurement 6
2.1 The change of share value as a proxy for overconfidence 6
3. Data 10
4. Hypothesis and Model 11
4.1 Model 12
4.2 Hypothesis 14
5. Empirical Result 15
5.1 The influence of overconfidence on diversification 16
5.2 Unrelated VS related diversification 18
5.3 Overconfident behaviors affect the excess value 20
5.3.1 The firm’s imputed value 20
5.3.2 Imputed value against the overconfident measurement 22
6. Conclusion 25
Reference 27
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