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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/112356
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/112356


    Title: 過度自信經理人保持財務彈性對公司投資支出影響之研究
    Effects of Overconfident CEOs Preserving Financial Flexibility on Capital Expenditure
    Authors: 曾俊豪
    Tseng, Chun Hao
    Contributors: 湛可南
    Chan, Ko Nan
    曾俊豪
    Tseng, Chun Hao
    Keywords: 過度自信
    財務彈性
    投資支出
    Overconfidence
    Financial flexibilty
    Investment expenditure
    Date: 2017
    Issue Date: 2017-08-31 12:02:36 (UTC+8)
    Abstract: 我們去檢視過度自信是如何影響公司採取非最適融資政策,特別是對於公司的財務彈性。針對公司在到達財務彈性狀態後的投資支出對發行新債的敏感度,我們提出假說為過度自信能夠解釋,為了未來投資支出而儲存舉債能量的行為。經過假說的檢驗後,實證結果指出過度自信經理人確實會藉由儲存舉債能量去採取保留財務彈性策略,並且將其運用在之後的投資支出上面。另外,我們也發現過度自信經理人在到達財務彈性狀態後,主要是使用發行新債而不是發行股票去籌措投資所需的資金。然而過度自信經理人會有這樣行為的原因,我們推論可能是由於過度自信經理人往往會高估自己在投資案上的報酬,因此導致有過度投資的現象。所以過度自信經理人會需要更大筆的資金去運用在未來的投資上面,像是大型投資案或是併購案。
    We examine how managerial overconfidence significantly affects the sub-optimal corporate financing decisions, in particular with the presence of financial flexibility. Based on the measure of investment sensitivity to new debt issue after reaching the financial flexible status, we show that overconfidence can account for the managerial behavior of saving debt capacity for future corporate investments. Empirical results indicate that overconfident CEOs do employ a financial flexibility strategy by preserving debt capacity and then use it on their future investment spending. We also find that the overconfident CEOs mainly use debt rather than equity to meet the needs of investment after reaching the financial flexible status. We argue that overconfident CEOs tend to overestimate the value of investment projects, thus leading to overinvestment. Therefore overconfident CEOs will be in need of large funds for future investment projects such as larger capital expenditure or M&A.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    104357030
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104357030
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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