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題名 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作者 曾俊豪
Tseng, Chun Hao貢獻者 湛可南
Chan, Ko Nan
曾俊豪
Tseng, Chun Hao關鍵詞 過度自信
財務彈性
投資支出
Overconfidence
Financial flexibilty
Investment expenditure日期 2017 上傳時間 31-Aug-2017 12:02:36 (UTC+8) 摘要 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.參考文獻 ReferencesBancel, Franck and Usha R. Mittoo, 2004, “The Determinants of Capital Structure Choice: A Survey of European Firms”, Financial Management, Volume 33, No. 4, pp. 103–132 Brown, James R. and Bruce C. Petersen, 2009, “Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments”, Journal of Banking & Finance, Volume 33, No. 5, pp. 971–984Campbell, T. Colin, Michael Gallmeyer, Shane A.Johnson, Jessica Rutherford, Brooke W.Stanley, 2011, “CEO optimism and forced turnover”, Journal of Financial Economics, Volume 101, No. 3, pp. 695–712Coles, Jeffrey L., Naveen D. Daniel and Lalitha Naveen, 2006, “Managerial Incentives and Risk-Taking”, Journal of Financial Economics, Volume 79, No. 2, pp 431–468DeAngelo, Harry, Linda DeAngelo, 2007, “Capital Structure, Payout Policy, and Financial Flexibility”, Marshall School of Business Working Paper No. 02–06DeAngelo, Harry, Linda DeAngelo and Toni M. Whited, 2011, “Capital Structure Dynamics and Transitory Debt”, Journal of Financial Economics, Volume 99, No. 2, pp. 235–261Denis, David J., and Stephen B. McKeon, 2012, “Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases”, Review of Financial Studies, Volume 25, No. 6, pp. 1897–1929Frank, Murray Z. and Vidhan K. Goyal, 2009, “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, Volume 38, No. 1, pp. 1–37Graham, John R., 2000, “How Big are the Tax Benefits of Debt?”, Journal of Finance, Volume 55, No. 5, pp. 1901–1941Hackbarth, Dirk, 2008, “Managerial Traits and Capital Structure Decisions”, Journal of Financial and Quantitative Analysis Volume 43, No. 4, pp. 843–882Hall, Brian J., and Kevin J. Murphy, 2000, “Stock Options for Undiversified Executives”, Journal of Accounting and Economics, Volume 33, No. 1, pp. 3–42Hardin III, W.G., Highfield, M. J., Hill, M. D., & Kelly, G. W., 2009, “The determinants of REIT cash holdings”, The Journal of Real Estate Finance and Economics, Volume 39, No. 1, pp.39–57.Heaton, J. B., 2002, “Managerial Optimism and Corporate Finance”, Financial Management, Volume 31, No. 2, pp. 33–45Hirshleifer, David, Angie Low and Siew Hong Teoh, 2012, “Are Overconfident CEOs Better Innovators?”, Journal of Finance, Volume 67, No. 4, pp. 1457–1498Huang, Ronghong, Kelvin Jui Keng Tan, Robert W. Faff, 2015, “CEO overconfidence and corporate debt maturity”, Journal of Corporate Finance, Volume 36, pp. 93–110Ishikawa, Masaya and Hidetomo Takahashi, 2010, “Overconfident Managers and External Financing Choice”, Review of Behavioral Finance, Volume 2, No. 1, pp. 37–58Itzhak, Ben-David, John R. Graham and Campbell R. Harvey, 2007, “Managerial Overconfidence and Corporate Policies”, NBER Working Paper No. 13711Lambert, Richard A., David F. Larcker and Robert E. Verrecchia, 1991, “Portfolio Considerations in Valuing Executive Compensation”, Journal of Accounting Research, Volume 29, No. 1, pp. 129–149Malmendier, Ulrike, and Geoffrey Tate, 2005, “CEO Overconfidence and Corporate Investment”, Journal of Finance, Volume 60, No. 6, pp. 2661–2700Malmendier, Ulrike, Geoffrey Tate and Jon Yan, 2007, “Corporate Financial Policies with Overconfident Managers”, NBER Working Paper No. 13570Malmendier, Ulrike, Geoffrey Tate and Jon Yan, 2011, “Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies”, Journal of Finance, Volume 66, No. 5, pp. 1687–1733Marchica, Maria-Teresa and Roberto Mura, 2010, “Financial Flexibility, Investment Ability, and Firm Value: Evidence from Firms with Spare Debt Capacity”, Financial Management, Volume 39, No. 4, pp. 1339–1365Myers, Stewart C., 1984, “The Capital Structure Puzzle”, Journal of Finance, Volume 39, No. 3, pp. 574–592Petersen, Mitchell A., 2009, “Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches”, Review of Financial Studies, Volume 22, No. 1, pp. 435–480 描述 碩士
國立政治大學
財務管理研究所
104357030資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357030 資料類型 thesis dc.contributor.advisor 湛可南 zh_TW dc.contributor.advisor Chan, Ko Nan en_US dc.contributor.author (Authors) 曾俊豪 zh_TW dc.contributor.author (Authors) Tseng, Chun Hao en_US dc.creator (作者) 曾俊豪 zh_TW dc.creator (作者) Tseng, Chun Hao en_US dc.date (日期) 2017 en_US dc.date.accessioned 31-Aug-2017 12:02:36 (UTC+8) - dc.date.available 31-Aug-2017 12:02:36 (UTC+8) - dc.date.issued (上傳時間) 31-Aug-2017 12:02:36 (UTC+8) - dc.identifier (Other Identifiers) G0104357030 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/112356 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 104357030 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents Content1. Introduction 12. Literature Review and Hypothesis 52.1 CEO overconfidence 52.2 Financial Flexibility 62.3 Hypothesis 73. Data and Methodology 83.1 Data Collection and Sampling 83.2 Methodology 93.2.1 Overconfidence Measures 93.2.2 Identification of firms with financial flexibility (FF) 103.2.3 Investment Ability 124. Empirical results and analysis 134.1 Descriptive Statistics 134.1.1 Overconfidence 134.1.2 Leverage Model 154.1.3 Characteristics of FF firms 164.2 Investment Models of overconfident CEOs 174.2.1 Spare Debt Capacity Threshold as 10% and Time Span as 3 Consecutive Years 174.2.2 Different Time Spans as 2 Years and 4 Years 184.2.3 Spare Debt Capacity Threshold as 1.5SD & 5% 194.3 Robustness Test for Overconfidence 194.4 Regression of Investment on Net Equity Issues 205. Conclusion 22References 24 zh_TW dc.format.extent 1022674 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357030 en_US dc.subject (關鍵詞) 過度自信 zh_TW dc.subject (關鍵詞) 財務彈性 zh_TW dc.subject (關鍵詞) 投資支出 zh_TW dc.subject (關鍵詞) Overconfidence en_US dc.subject (關鍵詞) Financial flexibilty en_US dc.subject (關鍵詞) Investment expenditure en_US dc.title (題名) 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 zh_TW dc.title (題名) Effects of Overconfident CEOs Preserving Financial Flexibility on Capital Expenditure en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) ReferencesBancel, Franck and Usha R. Mittoo, 2004, “The Determinants of Capital Structure Choice: A Survey of European Firms”, Financial Management, Volume 33, No. 4, pp. 103–132 Brown, James R. and Bruce C. Petersen, 2009, “Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments”, Journal of Banking & Finance, Volume 33, No. 5, pp. 971–984Campbell, T. Colin, Michael Gallmeyer, Shane A.Johnson, Jessica Rutherford, Brooke W.Stanley, 2011, “CEO optimism and forced turnover”, Journal of Financial Economics, Volume 101, No. 3, pp. 695–712Coles, Jeffrey L., Naveen D. Daniel and Lalitha Naveen, 2006, “Managerial Incentives and Risk-Taking”, Journal of Financial Economics, Volume 79, No. 2, pp 431–468DeAngelo, Harry, Linda DeAngelo, 2007, “Capital Structure, Payout Policy, and Financial Flexibility”, Marshall School of Business Working Paper No. 02–06DeAngelo, Harry, Linda DeAngelo and Toni M. Whited, 2011, “Capital Structure Dynamics and Transitory Debt”, Journal of Financial Economics, Volume 99, No. 2, pp. 235–261Denis, David J., and Stephen B. McKeon, 2012, “Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases”, Review of Financial Studies, Volume 25, No. 6, pp. 1897–1929Frank, Murray Z. and Vidhan K. Goyal, 2009, “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, Volume 38, No. 1, pp. 1–37Graham, John R., 2000, “How Big are the Tax Benefits of Debt?”, Journal of Finance, Volume 55, No. 5, pp. 1901–1941Hackbarth, Dirk, 2008, “Managerial Traits and Capital Structure Decisions”, Journal of Financial and Quantitative Analysis Volume 43, No. 4, pp. 843–882Hall, Brian J., and Kevin J. Murphy, 2000, “Stock Options for Undiversified Executives”, Journal of Accounting and Economics, Volume 33, No. 1, pp. 3–42Hardin III, W.G., Highfield, M. J., Hill, M. D., & Kelly, G. W., 2009, “The determinants of REIT cash holdings”, The Journal of Real Estate Finance and Economics, Volume 39, No. 1, pp.39–57.Heaton, J. B., 2002, “Managerial Optimism and Corporate Finance”, Financial Management, Volume 31, No. 2, pp. 33–45Hirshleifer, David, Angie Low and Siew Hong Teoh, 2012, “Are Overconfident CEOs Better Innovators?”, Journal of Finance, Volume 67, No. 4, pp. 1457–1498Huang, Ronghong, Kelvin Jui Keng Tan, Robert W. Faff, 2015, “CEO overconfidence and corporate debt maturity”, Journal of Corporate Finance, Volume 36, pp. 93–110Ishikawa, Masaya and Hidetomo Takahashi, 2010, “Overconfident Managers and External Financing Choice”, Review of Behavioral Finance, Volume 2, No. 1, pp. 37–58Itzhak, Ben-David, John R. Graham and Campbell R. Harvey, 2007, “Managerial Overconfidence and Corporate Policies”, NBER Working Paper No. 13711Lambert, Richard A., David F. Larcker and Robert E. Verrecchia, 1991, “Portfolio Considerations in Valuing Executive Compensation”, Journal of Accounting Research, Volume 29, No. 1, pp. 129–149Malmendier, Ulrike, and Geoffrey Tate, 2005, “CEO Overconfidence and Corporate Investment”, Journal of Finance, Volume 60, No. 6, pp. 2661–2700Malmendier, Ulrike, Geoffrey Tate and Jon Yan, 2007, “Corporate Financial Policies with Overconfident Managers”, NBER Working Paper No. 13570Malmendier, Ulrike, Geoffrey Tate and Jon Yan, 2011, “Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies”, Journal of Finance, Volume 66, No. 5, pp. 1687–1733Marchica, Maria-Teresa and Roberto Mura, 2010, “Financial Flexibility, Investment Ability, and Firm Value: Evidence from Firms with Spare Debt Capacity”, Financial Management, Volume 39, No. 4, pp. 1339–1365Myers, Stewart C., 1984, “The Capital Structure Puzzle”, Journal of Finance, Volume 39, No. 3, pp. 574–592Petersen, Mitchell A., 2009, “Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches”, Review of Financial Studies, Volume 22, No. 1, pp. 435–480 zh_TW
