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研究生:蔡苓筠
研究生(外文):Ling-Yun Tsai
論文名稱:過度自信經理人:避險與投資
論文名稱(外文):Overconfident CEO : Hedge and Investment
指導教授:周淑卿周淑卿引用關係
指導教授(外文):Shu-ching Chou
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:財務金融系碩士班
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:2013
畢業學年度:101
語文別:中文
論文頁數:57
中文關鍵詞:衍生性金融商品、投資現金流量敏感度、過度自信、權力
外文關鍵詞:DerivativeInvestment – cash flow sensitivitiesOverconfidenceDominance.
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本論文研究西元 2005 年至 2010 年間的美國 S&;P500 企業,探討過度自信經理人的投資現金流量敏感度和避險的關聯。本論文發現,雇用過度自信經理人、非過度自信經理人的企業,使用衍生性金融商品後能夠顯著地降低投資現金流量敏感度,且此效果在財務限制企業中特別明顯。另發現雇用權力經理人的企業,使用衍生性金融商品亦能夠顯著地降低投資現金流量敏感度,此效果在財務限制企業中特別明顯。而非權力經理人的企業使用衍生性金融商品則無法顯著地降低投資現金流量敏感度。
This paper examines the relation between derivative usage, overconfident CEO
and investment - cash flow sensitivities. Using a sample of S&;P500 over year 2005- 2010. The study finds that derivative usage is negatively related to investment - cash flow sensitivity, in firms with overconfident CEO and non-overconfident CEO. Firms with dominant CEO using derivatives can significantly reduce the investment cashflow sensitivity. This effect is particularly significant in firms with dominant CEO and with financial-constraints. However, the relation between derivative usage and investment - cash flow sensitivities is not significant in firms without dominant CEO.
摘要........................................ i
Abstract .................................. i
目錄........................................ i
表目錄...................................... i
第一章 緒論................................. 1
第一節 研究背景及動機......................... 1
第二節 研究目的.............................. 1
第三節 研究流程.............................. 1
第二章 文獻回顧.............................. 2
第一節 衍生性金融商品的使用與影響............... 2
第二節 過度自信經理人的特質與影響................6
第三節 過度自信經理人、財務限制與衍生性金融商品的使用.............. 11
第三章 研究方法........................................ 14
第一節 樣本與資料來源................................... 14
第二節 研究模型與變數定義................................ 15
第四章 實證結果與分析....................................21
第一節 樣本資料與敘述統計量分析........................... 21
第二節 避險的功能...................................... 29
第三節 過度自信、投資現金流量敏感度與避險................... 34
第四節 權力經理人、財務限制與避險......................... 40
第五章 結論............................................44
參考文獻............................................... 45
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