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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/81113


    Title: 經理人過度自信與融資限制對公司研發支出之影響
    The Study of the Effects of CEOs Overconfidence and Financing Constraints on Corporate R&D Expenditures
    Authors: 楊芝榮
    Contributors: 周冠男
    楊芝榮
    Keywords: 經理人過度自信
    研發支出
    融資限制
    Overconfidence
    Financial Constraints
    R&D Expenditures
    Date: 2015
    Issue Date: 2016-02-03 11:17:22 (UTC+8)
    Abstract: 以往於經理人過度自信對公司投資決策影響之研究中,大部分注重於經理人過度自信與資本投資之關係,僅有少數文獻探討經理人過度自信與R&D支出影響。
    本研究主要為探討經理人過度自信、現金部位與融資限制之關聯,針對1993年至2013年間的1,892間美國公司進行分析,首先探討經理人過度自信是否影響R&D支出對現金部位的敏感度,在進一步將公司依融資限制分為五組進行探討,研究結果發現:(1)過度自信的經理人其R&D支出對於公司現金部位的敏感性較高,這隱含過度自信的經理人在公司擁有充裕的現金時可能會過度投資,而現金不足時可能會投資不足之情形。(2)融資限制最高的組別其R&D支出對現金的敏感度顯著大於融資限制最低的組別,同時當公司融資限制的程度提高,過度自信經理人的R&D支出對現金部位的敏感度也持續上升,這樣的結果也隱含在高度融資限制影響下,過度自信經理人在進行R&D決策時,會因公司持有的現金較多而進行更多的R&D投資。
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    Description: 碩士
    國立政治大學
    財務管理研究所
    102357022
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0102357022
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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