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研究生:張馨尹
研究生(外文):JHANG, SIN-YIN
論文名稱:公司治理是否會影響過度自信對併購之關係
論文名稱(外文):The Effect of Corporate Governance on Overconfidence between M&A
指導教授:劉志良劉志良引用關係
指導教授(外文):LIU, CHIH-LIANG
口試委員:張子溥邱敬貿
口試委員(外文):JHANG, ZIH-PUCIOU, JING-MAO
口試日期:2017-06-14
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
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:55
中文關鍵詞:過度自信併購公司治理
外文關鍵詞:OverconfidenceMerger & AcquisitionCorporate Governance
相關次數:
  • 被引用被引用:0
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  • 下載下載:6
  • 收藏至我的研究室書目清單書目收藏:0
本研究以1998至2010年S&P 500非金融公司為樣本。過度自信是屬於行為財務中經常被提出的心理偏誤之一,公司管理者因其過度自信在決策時會對公司產生重大的影響。本文針對CEO過度自信對併購決策的影響有更進一步的探討,研究結果顯示具有過度自信的CEO將會執行更多併購活動。此外加入公司治理變數:CEO是否兼任董事、董事會開會次數和董事會規模大小做延伸,並且針對公司治理變數是否對CEO過度自信及併購有影響,進一步測試仲介效果與調節效果之影響。本研究以1998至2010年S&P 500非金融公司為樣本。過度自信是屬於行為財務中經常被提出的心理偏誤之一,公司管理者因其過度自信在決策時會對公司產生重大的影響。本文針對CEO過度自信對併購決策的影響有更進一步的探討,研究結果顯示具有過度自信的CEO將會執行更多併購活動。此外加入公司治理變數:CEO是否兼任董事、董事會開會次數和董事會規模大小做延伸,並且針對公司治理變數是否對CEO過度自信及併購有影響,進一步測試仲介效果與調節效果之影響。
Using non-financial firm as sample from 1998 to 2010.Overconfidence is one of the psychological biases that are frequently discussed in behavioral finance. Because of the corporate managers’ overconfidence, there is a significant impact on decision-making. This paper studies further relationship between managerial overconfidence and acquisitions, and the results show that overconfident CEOs will execute more acquisition activities. In addition, this study adds the corporate governance variables: whether CEOs are part-time directors, the number of board meetings and the size of boards to do further research, and know whether there are influences among these variables, the effect of mediator and moderator.
摘要 i
ABSTRACT ii
目錄 iii
表目錄 v
圖目錄 vi
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 4
第三節 研究流程 5
第四節 研究流程 6
第二章 文獻探討及研究假說 7
第一節 過度自信及 CEO 之特性 7
第二節 過度自信 CEO 對併購決策之影響 10
第三節 公司治理機制對公司之影響 12
第三章 研究方法與模型 18
第一節 資料與變數 18
第二節 敘述性統計分析 23
第三節 相關性分析 26
第四節 實證模型 28
第四章 實證結果分析 32
第一節 迴歸結果分析 32
第五章 結論與建議 41
第一節 研究結果 42
第二節 研究限制與建議 43
參考文獻 44
中文文獻
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英文文獻
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