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研究生:李冠嬅
研究生(外文):Lee, Kuan-Hua
論文名稱:現金持有價值與會計穩健性: 兼論經理人過度自信的角色
論文名稱(外文):Accounting Conservatism and the Value of Corporate Cash Holdings:The Role of Managerial Overconfidence
指導教授:林卓民林卓民引用關係
指導教授(外文):Lin, Cho-Min
口試委員:莊雅雪李彥賢
口試委員(外文):Chuang, Ya-HsuehLee,Yen-Hsien
口試日期:2017-06-09
學位類別:碩士
校院名稱:靜宜大學
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:2017
畢業學年度:105
語文別:中文
論文頁數:37
中文關鍵詞:會計穩健性現金持有價值過度自信
外文關鍵詞:Accounting conservatismValue of cash holdingsOverconfidence
相關次數:
  • 被引用被引用:1
  • 點閱點閱:135
  • 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:1
最近幾年,尤其自2008年金融海嘯之後,不管是國內還是國外的公司,公司內部都持有越來越多的現金。然而這些累積的現金會提升公司的價值嗎?換言之,公司持有的現金價值究竟會提高或是降低,值得進一步深入研究探討。本文參考Khan and Watts (2009)的做法,建立會計穩健性(C-Score)並根據Faulkender and Wang (2006)的現金持有價值模型,探討2006年至2014年台灣上市公司會計穩健性對現金持有價值的影響並釐清經理人過度自信在會計穩健性對現金持有價值的關係所扮演的角色。公司可以藉由對損失與利得的不對稱時效認列的會計穩健原則,提供董事會及早發現不適當的投資案並予以否決,因此可以避免經理人因過度自信所可能導致的過度投資問題(overinvestment problem) (Watts 2003;Louis, et al. 2012)。有鑑於此,公司可以透過會計穩健抑制或減輕(mitigate)過度投資的現象及代理問題,並提高公司之現金持有價值(Louis, et al. 2012)。再者,Gervais, Heaton and Odean (2011)認為過度自信的經理人比較會傾向選擇進入風險成長較高的公司,而風險成長性高的公司通常外部融資限制較大,因此,本文進一步觀察對外融資限制較高的公司,經理人過度自信對會計穩健性對現金持有價值之正向關係是否具調節效果。實證結果發現,會計穩健性可以有效提高現金持有價值,與Louis, et al. (2012)的結論一致。再者,在融資限制較高的公司,過度自信的經理人可以提升會計穩健性對現金持有價值的正向影響。換言之,經理人過度自信在會計穩健性對現金持有價值的影響存在調節效果。
In recent years, especially since the 2008 financial tsunami, companies are holding more and more cash. To date, it is unclear whether these accumulated cash will increase or damage the value of the company? In other words, it is worthwhile to further study the value of corporate cash holdings. This study intends to investigate the effect of accounting conservatism on the value of value and the role of managerial overconfidence using Taiwan publicly listed firms from 2006 to 2014, The accounting conservatism (C-Score) is based on Khan and Watts (2009) and the value of cash holdings is based on Faulkender and Wang (2006). The company can avoid the improper investment by accounting for recognizing their losses in a timely manner while deferring gains until the revenues being verified, thus avoiding the overinvestment problem arisen from overconfident CEOs (Watts 2003;Louis, et al. 2012). In view of this, companies can curb or mitigate over-investment and agency problem and increase the company's cash value (Louis, et al. 2012). We accordingly try to clarify the role of overconfident CEOs in the relationship between the accounting conservatism and cash value. Furthermore, Gervais, Heaton, and Odean (2011) argue that overconfident managers tend to choose to enter companies with higher risk growth, while firms with high risk growth often have larger external financing constraints. Therefore, we further investigate that firms with higher financial constraints whether managerial overconfidence plays a moderator role between conservatism and cash value? The empirical results show that accounting conservatism can increase the value of corporate cash holdings, consistent with Louis, et al (2012). In addition, we find that overconfident CEOs can enhance the positive effect of accounting conservatism on the cash value as well. In other words, the moderating effect of overconfidence exists in the relationship between conservatism and cash value. Specifically, the moderator effect of overconfidence is more significant in the firms with higher external financial constraints relative to the firms with lower external financial constraints.
謝誌 I
摘要 II
Abstract III
壹、前言 1
一、研究動機及目的 1
二、研究流程 4
貳、文獻回顧及假說 5
一、管理者過度自信的定義 5
二、會計穩健性、現金持有與現金持有價值 5
三、管理者過度自信、會計穩健性與現金持有價值 8
參、研究方法 13
一、資料來源與選樣標準 13
二、變數定義 13
(一)被解釋變數 13
(二)解釋變數 14
(三)控制變數 17
三、研究方法 17
肆、實證結果 18
一、敘述統計分析 18
二、雙變量分析 19
三、迴歸分析 20
伍、結論 29
參考文獻 30
附錄 變數定義 36

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