臺灣博碩士論文加值系統

本研究主要探討經理人過度自信與研發創新之關係，觀察其企業生命週期階段是否會影響過度自信經理人對研發創新的投資決策。由於處於成熟期階段之企業，因為受其企業知名度與獲利能力穩定之影響因素，預期可取得較低之資金成本，並激勵經理人進行研發投資活動。本研究發現當企業經理人具有過度自信傾向，在企業成熟階段其專利權數與專利權被引用次數皆顯著高於成長期與衰退期之企業。

本文實證結果在控制公司治理效果之後，仍維持不變。由於過度自信經理人不僅會增加對無形資產之投資，也可能同時影響長期資本支出的投資決策(Ben-David, Graham & Harvey, 2007)。本研究以資本支出率做為過度自信之工具變數，並進行兩階段迴歸分析以排除內生性問題之疑慮，其兩階段迴歸分析亦得到一致的結果。

最後，本研究以專利權數將樣本進行分組觀察，進一步探究過度自信經理人於企業成熟期是否有過度投資之傾向，造成較差的經營績效表現。本文發現於企業成熟階段，專利權數愈高之企業對經營績效產生負向影響，顯示過度自信效果會造成經理人過度投資之行為。

The objective of this research is to explore the relationship between overconfident managers and their innovation performance. We observe the influences of enterprise life cycles on overconfident managers’ research and development investment decisions. Since mature enterprises are expected to obtain lower capital costs due to recognized reputation and profitability, managers in these enterprises are encouraged to carry out research and development investment activities. This research shows that mature enterprises with overconfident managers have a significantly higher number of patent and patent citations when compared to enterprises in the growing or recession stage.

This research showed that with the control variable of company operation considered, the results did not change. As overconfident managers not only increase investments in intangible assets, they may also simultaneously influence long-term investment cost strategies (Ben-David, Grahm & Harvey, 2007). This research uses capital expenditure rate as an instrumental variable for overconfidence, with two-stage regression analysis to rule out potential endogeneity problems and to obtain consistent results.

Finally, the samples of this research are grouped based on the number of patents to further investigate why overconfident managers in mature enterprises tend to overinvestment, resulting in poorer operation performance. We conclude that at a mature stage, the enterprises with the higher number of patents are more likely to have negative operation performance, hence indicating that managers’ overconfidence leads to overinvestment behaviors.

第一章 研究動機與目的 1
第二章 文獻探討 7
第一節 過度自信 7
第二節 研發創新 10
第三節 企業生命週期 13
第三章 研究方法 15
第一節 研究對象及樣本期間 15
第二節 研究變數及定義 16
第三節 研究模型 19
第四節 敘述性統計 21
第四章 實證結果 22
第五章 結論 28
參考文獻 29

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