學術產出-學位論文

題名 經理人特質如何影響財務決策與公司績效之關係
作者 羅今宏
貢獻者 姜堯民
羅今宏
關鍵詞 經理人特質
公司績效
財務決策
日期 2004
上傳時間 17-九月-2009 19:26:38 (UTC+8)
摘要 經理人特質(如年齡、學歷、學術背景等)對於公司所採行之財務決策及公司績效有何影響?又會如何改變財務決策與公司績效間的關係?本文使用投資決策與融資決策為財務決策之代理變數,以資產報酬率、權益報酬率與股價報酬率為公司績效代理變數,再加上經理人年齡、學歷及學術背景等資料,來探討1999年至2003年,台灣上市電子公司總經理有異動之情形下,這三大群變數彼此間之關係,以及經理人特質之不同會如何影響財務決策與公司績效間之關係。結果發現,具MBA學位之經理人及具博士學位之經理人有顯著較高的負債比率;電子、電機本科系畢業之經理人與40-50歲的經理人,有顯著較好的公司績效;具MBA學位之經理人,股價報酬率顯著較低;投資比例越高,公司績效顯著越好;負債比率對於ROE及ROA則都為顯著的負向關係。
最後,發現經理人特質之不同,確實會改變財務決策與公司績效間之關係。
參考文獻 中文部分
王元章,2001,『內部人持股、風險、股利、負債、投資與公司價值』,證券市場發展,第13卷第3期,頁29-69。.
王文箴,2000,『台灣半導體製造業之景氣循環與經營績效分析』,國立交通大學科技管理學程碩士論文。
李詩將,2001,『台灣上市公司所有權結構、資本結構與公司績效間相關性研究』,高雄第一科技大學金融營運系碩士論文。
花于翔,2002,『台灣創業投資經理人與公司特質與投資行為之關聯性研究』,國立中山大學企業管理學系碩士論文。
周哲旭,1998,『共同基金經理人之個人屬性與多空市場型態對其人格特質與操作績效關係之調節效應』,國立交通大學管理科學研究所未出版碩士論文。
苗祺輝,1993,『台灣上市公司所有權結構與公司績效關係之實證研究』,私立輔仁大學管理學研究所未出版碩士論文。
胡騰井,2004,『探討產業特徵、企業資源及高階經理人特質與企業績效的關係』,國立政治大學國際貿易研究所碩士論文。
洪麗芳,2004,『股權結構、財務決策與公司績效關聯性之研究』,私立中原大學會計學系。
張慧君,2002,『台灣創業投資經理人特質與評估準則之相關性研究』,國立中山大學企業管理學系碩士論文。
陳彥霓,2003,『經理人異動對公司策略及績效影響之資訊意涵』,國立政治大學財務管理研究所碩士論文。
葉銀華、柯承恩、蘇裕惠,2000,『中小企業財務結構與經營績效關係之研究』,中山管理評論,第8 卷第2 期,頁303-323。
英文部分
Agrawal, A. and C. Knoeber ,1996, “ Firm Performance and Mechanism to Control Agency Problem between Managers and Shareholders” , Journal of Financial and Quantitative Analysis 31, pp.377-397.
Aluto,J. A., & Hrebiniak, L. G.,1975, “Research on commitment to employing
organizations: Preliminary findings on a study of managers graduating from
engineering and MBA programs.”, Paper presented at Academy of Management meeting, New Orleans.
Bantel, K.A and S.E. Jackson.1989, “Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference?”, Strategic Management Journal, 10 ,107-124
Bertrand and Schoar, 2002, “Managing with style: The effect of Managers on firm policies” ,Working paper 4280-02, MIT Sloan school of management
Carlsson, G.,& Karlsson, K., 1970,” Age, cohorts and the generation of generations.”, American Sociological Review,6,p185-201.
Chevalier and Ellison, 1996, “Are some mutual fund managers better than others? Cross-sectional patterns in behavior and performance” ,Working paper 5852, National bureau of economic research
Child, J.1974, “Managerial and organizational factors associated with company performance.”, Journal of Management Studies,11,p 13-27.
Chown, S. M.1960, “The Wesley rigidity inventory: A factor-analytic approach.”, Journal of Abcdrmal and Social Psyhology,61,p491-494
Collins, O., & Moore, D. G., 1970, The organization makers. New York:
Appleton-Century-Crofts.
Daellenbach, U. S., A. M. McCarthy and T. S. Schoenecker, 1999, ”Commitment to innovation: The impact of top management team characteristics.” ,R & D Management, Vol.29(3), pp.199-208.
Hambrick, D. C. and Mason, P. A., 1984, “Upper echelons: The organization as a reflection of its top managers”, Academy of Management Review, 9(2), 193-206
Hannan, M.T. and J. Freeman. 1989,” Organizational Ecology”, Boston, MA: Harvard University Press.
Jensen, M. C. and W. H. Meckling ,1976, “Theory of the Firms: Managerial Behavior, Agency Cost, and Ownership Structure” , Journal of Financial Economics 3, pp.305-360.
Kimberly, John R.; Evanisko, Michael J., 1981, “Organizational Innovation: The Influence of Individual, Organizational, and Contextual Factors on Hospital Adoption of Technological and Administrative Innovations”, Academy Of Management Journal, Vol. 24, Iss. 4, pp. 689-714.
Larcker, D.F.,1983, “The Association Between Performance Plan Adoption and Corporate Capital Investment.” Journal of Accounting of Management and Economics 5: 3-30
Malmendier and Tate, 2001, “CEO overconfidence and corporate investment”, Working paper, Harvard University
MORCK, R.; A. SHLEIFER; AND R. W. VISHNY.,1988, “Management Ownership and Market Valuation.” ,Journal of Financial Economics 20: 293-315.
Murphy, K. J., and J. L. Zimmerman ,1993, “Financial Performance Surrounding CEO Turnover”, Journal of Accounting and Economics Vol.16, pp.273-315.
Taylor, R. N., 1975,” Age and experience as Determinants of managerial information processing and decision making performance.”, Academy of Management Journal,18,p74-81
Warner, J. B., R. L. Watts, and K. H. Wruck(1988), “Stock Prices and Top Management Changes” ,Journal of Financial Economics 20, p.461-492
Wasserman, Nohria and Anand, 2001, “When does leadership matter? The contingent opportunities view of CEO leadership” ,Working paper 02-04, Strategy unit Harvard University
Watts, R., and J. Zimmerman,1986,” Positive Theory of Accounting”, Prentice- Hall, Inc.
Wiersema, M. F. and K. A. Bantel,1992, “Top Management Team Demography and Corporate Strategic Change”, Academy of Management Journal, 35, 91-122
Wunsch,A.,1992,” The Effect of Executive Compensation Policy On Long-Term Investment Expenditures of Large Corporations.”, U.M.I.
描述 碩士
國立政治大學
財務管理研究所
92357013
93
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0923570131
資料類型 thesis
dc.contributor.advisor 姜堯民zh_TW
dc.contributor.author (作者) 羅今宏zh_TW
dc.creator (作者) 羅今宏zh_TW
dc.date (日期) 2004en_US
dc.date.accessioned 17-九月-2009 19:26:38 (UTC+8)-
dc.date.available 17-九月-2009 19:26:38 (UTC+8)-
dc.date.issued (上傳時間) 17-九月-2009 19:26:38 (UTC+8)-
dc.identifier (其他 識別碼) G0923570131en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34089-
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) 92357013zh_TW
dc.description (描述) 93zh_TW
dc.description.abstract (摘要) 經理人特質(如年齡、學歷、學術背景等)對於公司所採行之財務決策及公司績效有何影響?又會如何改變財務決策與公司績效間的關係?本文使用投資決策與融資決策為財務決策之代理變數,以資產報酬率、權益報酬率與股價報酬率為公司績效代理變數,再加上經理人年齡、學歷及學術背景等資料,來探討1999年至2003年,台灣上市電子公司總經理有異動之情形下,這三大群變數彼此間之關係,以及經理人特質之不同會如何影響財務決策與公司績效間之關係。結果發現,具MBA學位之經理人及具博士學位之經理人有顯著較高的負債比率;電子、電機本科系畢業之經理人與40-50歲的經理人,有顯著較好的公司績效;具MBA學位之經理人,股價報酬率顯著較低;投資比例越高,公司績效顯著越好;負債比率對於ROE及ROA則都為顯著的負向關係。
最後,發現經理人特質之不同,確實會改變財務決策與公司績效間之關係。
zh_TW
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究架構 2
第二章 文獻探討與研究假設 5
第一節 經理人特質與公司財務決策之關係 5
第二節 經理人特質與公司績效之關係 9
第二節 財務決策與公司績效之關係 13
第三章 研究設計 18
第一節 研究對象與範圍 18
第二節 研究變數與定義 19
第三節 研究假設 22
第四節 研究方法 25
第四章 實證分析與研究發現 27
第一節 經理人異動及特質之敘述統計結果 27
第二節 經理人特質對財務決策之影響 36
第三節 經理人特質對公司績效之影響 41
第四節 財務決策與公司績效之關係 46
第五節 經理人特質如何影響財務決策與公司績效之關係 52
第五章 結論與建議 64
第一節 結論 64
第二節 建議 66
參考文獻 67
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0923570131en_US
dc.subject (關鍵詞) 經理人特質zh_TW
dc.subject (關鍵詞) 公司績效zh_TW
dc.subject (關鍵詞) 財務決策zh_TW
dc.title (題名) 經理人特質如何影響財務決策與公司績效之關係zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分zh_TW
dc.relation.reference (參考文獻) 王元章,2001,『內部人持股、風險、股利、負債、投資與公司價值』,證券市場發展,第13卷第3期,頁29-69。.zh_TW
dc.relation.reference (參考文獻) 王文箴,2000,『台灣半導體製造業之景氣循環與經營績效分析』,國立交通大學科技管理學程碩士論文。zh_TW
dc.relation.reference (參考文獻) 李詩將,2001,『台灣上市公司所有權結構、資本結構與公司績效間相關性研究』,高雄第一科技大學金融營運系碩士論文。zh_TW
dc.relation.reference (參考文獻) 花于翔,2002,『台灣創業投資經理人與公司特質與投資行為之關聯性研究』,國立中山大學企業管理學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 周哲旭,1998,『共同基金經理人之個人屬性與多空市場型態對其人格特質與操作績效關係之調節效應』,國立交通大學管理科學研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 苗祺輝,1993,『台灣上市公司所有權結構與公司績效關係之實證研究』,私立輔仁大學管理學研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 胡騰井,2004,『探討產業特徵、企業資源及高階經理人特質與企業績效的關係』,國立政治大學國際貿易研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 洪麗芳,2004,『股權結構、財務決策與公司績效關聯性之研究』,私立中原大學會計學系。zh_TW
dc.relation.reference (參考文獻) 張慧君,2002,『台灣創業投資經理人特質與評估準則之相關性研究』,國立中山大學企業管理學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 陳彥霓,2003,『經理人異動對公司策略及績效影響之資訊意涵』,國立政治大學財務管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 葉銀華、柯承恩、蘇裕惠,2000,『中小企業財務結構與經營績效關係之研究』,中山管理評論,第8 卷第2 期,頁303-323。zh_TW
dc.relation.reference (參考文獻) 英文部分zh_TW
dc.relation.reference (參考文獻) Agrawal, A. and C. Knoeber ,1996, “ Firm Performance and Mechanism to Control Agency Problem between Managers and Shareholders” , Journal of Financial and Quantitative Analysis 31, pp.377-397.zh_TW
dc.relation.reference (參考文獻) Aluto,J. A., & Hrebiniak, L. G.,1975, “Research on commitment to employingzh_TW
dc.relation.reference (參考文獻) organizations: Preliminary findings on a study of managers graduating fromzh_TW
dc.relation.reference (參考文獻) engineering and MBA programs.”, Paper presented at Academy of Management meeting, New Orleans.zh_TW
dc.relation.reference (參考文獻) Bantel, K.A and S.E. Jackson.1989, “Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference?”, Strategic Management Journal, 10 ,107-124zh_TW
dc.relation.reference (參考文獻) Bertrand and Schoar, 2002, “Managing with style: The effect of Managers on firm policies” ,Working paper 4280-02, MIT Sloan school of managementzh_TW
dc.relation.reference (參考文獻) Carlsson, G.,& Karlsson, K., 1970,” Age, cohorts and the generation of generations.”, American Sociological Review,6,p185-201.zh_TW
dc.relation.reference (參考文獻) Chevalier and Ellison, 1996, “Are some mutual fund managers better than others? Cross-sectional patterns in behavior and performance” ,Working paper 5852, National bureau of economic researchzh_TW
dc.relation.reference (參考文獻) Child, J.1974, “Managerial and organizational factors associated with company performance.”, Journal of Management Studies,11,p 13-27.zh_TW
dc.relation.reference (參考文獻) Chown, S. M.1960, “The Wesley rigidity inventory: A factor-analytic approach.”, Journal of Abcdrmal and Social Psyhology,61,p491-494zh_TW
dc.relation.reference (參考文獻) Collins, O., & Moore, D. G., 1970, The organization makers. New York:zh_TW
dc.relation.reference (參考文獻) Appleton-Century-Crofts.zh_TW
dc.relation.reference (參考文獻) Daellenbach, U. S., A. M. McCarthy and T. S. Schoenecker, 1999, ”Commitment to innovation: The impact of top management team characteristics.” ,R & D Management, Vol.29(3), pp.199-208.zh_TW
dc.relation.reference (參考文獻) Hambrick, D. C. and Mason, P. A., 1984, “Upper echelons: The organization as a reflection of its top managers”, Academy of Management Review, 9(2), 193-206zh_TW
dc.relation.reference (參考文獻) Hannan, M.T. and J. Freeman. 1989,” Organizational Ecology”, Boston, MA: Harvard University Press.zh_TW
dc.relation.reference (參考文獻) Jensen, M. C. and W. H. Meckling ,1976, “Theory of the Firms: Managerial Behavior, Agency Cost, and Ownership Structure” , Journal of Financial Economics 3, pp.305-360.zh_TW
dc.relation.reference (參考文獻) Kimberly, John R.; Evanisko, Michael J., 1981, “Organizational Innovation: The Influence of Individual, Organizational, and Contextual Factors on Hospital Adoption of Technological and Administrative Innovations”, Academy Of Management Journal, Vol. 24, Iss. 4, pp. 689-714.zh_TW
dc.relation.reference (參考文獻) Larcker, D.F.,1983, “The Association Between Performance Plan Adoption and Corporate Capital Investment.” Journal of Accounting of Management and Economics 5: 3-30zh_TW
dc.relation.reference (參考文獻) Malmendier and Tate, 2001, “CEO overconfidence and corporate investment”, Working paper, Harvard Universityzh_TW
dc.relation.reference (參考文獻) MORCK, R.; A. SHLEIFER; AND R. W. VISHNY.,1988, “Management Ownership and Market Valuation.” ,Journal of Financial Economics 20: 293-315.zh_TW
dc.relation.reference (參考文獻) Murphy, K. J., and J. L. Zimmerman ,1993, “Financial Performance Surrounding CEO Turnover”, Journal of Accounting and Economics Vol.16, pp.273-315.zh_TW
dc.relation.reference (參考文獻) Taylor, R. N., 1975,” Age and experience as Determinants of managerial information processing and decision making performance.”, Academy of Management Journal,18,p74-81zh_TW
dc.relation.reference (參考文獻) Warner, J. B., R. L. Watts, and K. H. Wruck(1988), “Stock Prices and Top Management Changes” ,Journal of Financial Economics 20, p.461-492zh_TW
dc.relation.reference (參考文獻) Wasserman, Nohria and Anand, 2001, “When does leadership matter? The contingent opportunities view of CEO leadership” ,Working paper 02-04, Strategy unit Harvard Universityzh_TW
dc.relation.reference (參考文獻) Watts, R., and J. Zimmerman,1986,” Positive Theory of Accounting”, Prentice- Hall, Inc.zh_TW
dc.relation.reference (參考文獻) Wiersema, M. F. and K. A. Bantel,1992, “Top Management Team Demography and Corporate Strategic Change”, Academy of Management Journal, 35, 91-122zh_TW
dc.relation.reference (參考文獻) Wunsch,A.,1992,” The Effect of Executive Compensation Policy On Long-Term Investment Expenditures of Large Corporations.”, U.M.I.zh_TW