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研究生:曾上益
研究生(外文):Shang-Yi Tseng
論文名稱:企業生命週期下之經理人的過度自信與財務策略之關聯性研究
論文名稱(外文):A Study on the Relationship between CEO Overconfidence and Financial Strategy under Corporate Life-cycle
指導教授:徐中琦徐中琦引用關係
指導教授(外文):Jonchi Shyu
口試委員:徐中琦
口試委員(外文):Jonchi Shyu
口試日期:2016-06-20
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱:企業管理系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:中文
論文頁數:48
中文關鍵詞:經理人過度自信企業生命週期財務策略
外文關鍵詞:CEOOverconfidenceCorporate Life-cyclefinancial Strategy
相關次數:
  • 被引用被引用:1
  • 點閱點閱:262
  • 評分評分:
  • 下載下載:15
  • 收藏至我的研究室書目清單書目收藏:2
企業的財務策略與經理人息息相關,因此在不同的企業生命週期階段下,經理人對於公司的財務策略也會有不同的決策。而行為財務學加入了行為因素,認為人是不理性的,過去文獻指出經理人會具有過度自信的傾向。本文參考過去文獻的過度自信衡量方法並加入景氣因素以衡量公司經理人的過度自信,且以資本支出率、銷貨成長率、研發費用率及企業年齡作為劃分企業生命週期的劃分變數。選取經理人上任至少10年的公司為樣本,樣本期間為2001至2012年。以往研究指出過度自信經理人會過度的投資、大量舉債及降低股利的發放,因此本文研究加入企業生命週期進行更深入的探討。
實證結果發現,成長期的經理人在投資、融資及股利策略上皆有過度自信的傾向。成熟期的經理人在投資與融資方面具有過度自信的傾向。而衰退期的經理人則只有在股利策略上具有過度自信的傾向。在總生命週期階段下,成長期的公司經理人最具有過度自信的傾向。
The relation between CEO and financial strategy is highly connected. CEO has different financial strategy in different corporate life-cycle. CEO overconfidence is considered in past literatures of Behavior Finance. This study refers to measures for CEO overconfidence in past literatures and adds prosperity factor to measure CEO overconfidence. Moreover, using capital expenditure, sales growth, R&D ratio and firm age to group corporate life-cycle. The data chose CEO who took up and office at least 10 years from 2001 to 2014. The past literatures showed that overconfident CEO would overinvest, finance too much and decrease dividend. As a result, this study adds factor of corporate life-cycle to probe.
The empirical results showed that CEO is overconfident in investment, finance and dividend strategy at growth stagy; CEO is overconfident in investment and finance strategy at maturity stagy; CEO is only overconfident in dividend strategy at decline stage. At all corporate life-cycle, CEO is most overconfident at growth stage.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第二章 文獻探討 5
第一節 過度自信相關文獻 5
第二節 過度自信之衡量 9
第三節 生命週期相關文獻 12
第四節 企業生命週期的分類方法 14
第三章 研究方法 16
第一節 樣本選擇與資料來源 16
第二節 生命週期劃分 16
第三節 經理人過度自信之判定 19
第四節 研究假設 20
第五節 研究變數之定義及模型設計 23
第四章 實證結果與分析 28
第一節 敘述性統計分析 28
第三節 過度自信經理人對財務決策之實證結果分析 33
第五章 結論與建議 42
第一節 研究結論 42
第二節 後續研究之建議 44
參考文獻 45
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