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研究生:田文婧
研究生(外文):Tian, Wen-Jing
論文名稱:企業社會責任是否可以緩解CEO過度自信對股市價格崩盤風險的影響
論文名稱(外文):Can Corporate Social Responsibility Mitigate the Impact of CEO Overconfidence on Stock Price Crash Risk?
指導教授:盧陽正盧陽正引用關係王佑鈞王佑鈞引用關係
指導教授(外文):Lu, Yang-ChengWang, Yu-Chun
口試委員:張倉耀魏裕珍楊智明
口試委員(外文):Chang,Tsang-YaoWei,Yu-ChenYang, Jyh-Ming
口試日期:2017-06-28
學位類別:碩士
校院名稱:銘傳大學
系所名稱:財務金融學系碩士班
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:2017
畢業學年度:105
語文別:中文
論文頁數:41
中文關鍵詞:CEO過度自信企業社會責任股票價格崩盤風險
外文關鍵詞:CEO overconfidenceCorporate social responsibilityStock price crash risk
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過去文獻指出CEO過度自信與股市價格崩盤風險是顯著正相關,CEO越自信,企業的崩盤風險越高,亦即CEO越過度自信,則會想辦法掩蓋或者延遲負面消息,而負面消息會不斷累積,最終達到臨界點時導致股價的崩潰。現今社會(特別是西方社會)越來越著重企業社會責任(Corporate Social Responsibility,CSR),並且CSR是一項可以衡量一個企業是否能永續經營的指標。過去研究同樣指出CSR對於股票崩盤風險是有著負向相關的,另外,過度自信之CEO較少從事CSR活動,也就是說在一定程度上CSR是可以緩解過度自信所帶來的負面影響。基於此,本研究探討了CEO過度自信對股價崩盤風險的影響,並在此基礎上加入CSR這項指標去探討過度自信對股價崩盤風險的影響。CSR的加入是否可以減少(增加或無影響)過度自信與崩盤風險的關係。
The past literature pointed that CEO overconfidence and stock market price crash risk is significantly positive, The CEO is more confidence, the higher the risk of enter price’s crash risk. that is, the more CEO is overconfidence,the more it will want to cover up the negative news. And the negative news will continue to accumulate, the stock price will collapse. Today's society (especially in Western society) is increasingly focused on corporate social responsibility (CSR), and CSR is a measure of whether an enterprise can be an indicator of sustainable development. In the past, the study also pointed that CSR is negatively related to the stock price crash risk. In addition, over-confident CEOs are less engaged in CSR activities, that is, CSR can alleviate the negative impact of overconfidence. Based on this, this study explores the impact of CEO overconfidence on the risk of stock price collapse and, on the basis of which CSR is added to explore the impact of overconfidence on the risk of stock price crash. Whether the addition of CSR can reduce (increase or no effect) the relationship between overconfidence and the stock price crash risk.
目錄
謝詞 Ⅰ
摘要 Ⅱ
Abstract Ⅲ
目錄 Ⅳ
表目錄 Ⅴ
圖目錄 Ⅵ
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 6
第三節 研究架構 6
第四節 研究流程圖 7
第貳章 文獻探討 8
第一節 CEO過度自信相關文獻 8
第二節 股票價格崩盤風險相關文獻 9
第三節 企業社會責任相關文獻 10
第四節 研究假說 13
第叁章 研究方法 15
第一節 研究範圍及來源 15
第二節 變數之衡量 15
第三節 迴歸式 17
第肆章 實證分析 19
第一節 敘述性統計 19
第二節 過度自信與崩盤風險 21
第三節 企業社會責任、過度自信與股價崩盤風險 22
第伍章 結論與建議 26
第一節 結論 26
第二節 建議 27
參考文獻 28
一、中文部份 28
二、英文部份 29



表目錄
表1 樣本之敘述統計量 19
表2 皮爾森檢定 20
表3 Panel之全樣本Huasman檢定 21
表4 過度自信與股價崩盤風險之迴歸結果 22
表5 沒有履行企業社會責任之企業其CEO過度自信對崩盤風險之迴歸結果 23
表6 履行企業社會責任之企業其CEO過度自信對崩盤風險之迴歸結果 24






圖目錄
圖1 研究流程圖 7

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2.葉保強(2007),「企業社會責任的發展與國家角色」,應用倫理研究通訊,第41期,頁35-47。

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