| dc.contributor.advisor | 胡聯國 | zh_TW |
| dc.contributor.advisor | Hu, Len Kuo | en_US |
| dc.contributor.author (Authors) | 施維筑 | zh_TW |
| dc.contributor.author (Authors) | Shih, Wei Chu | en_US |
| dc.creator (作者) | 施維筑 | zh_TW |
| dc.creator (作者) | Shih, Wei Chu | en_US |
| dc.date (日期) | 2009 | en_US |
| dc.date.accessioned | 8-Dec-2010 01:52:17 (UTC+8) | - |
| dc.date.available | 8-Dec-2010 01:52:17 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Dec-2010 01:52:17 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0097351011 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/48880 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營與貿易研究所 | zh_TW |
| dc.description (描述) | 97351011 | zh_TW |
| dc.description (描述) | 98 | zh_TW |
| dc.description.abstract (摘要) | 現實社會中，由於人並非如傳統學派所聲稱完全理性制定決策，自1980年以來即產生諸多傳統學派無法說明的現象，因此行為財務學派興起。本篇導入行為財務學的模型，探討當經理人具過度自信與過度樂觀特質時，經理人的特性會如何影響公司價值。研究假設當經理人為風險中立者，可達到公司價值極大化first-best value。若經理人為風險趨避，產生的效用成本將使其無法達成此目標，但此時經理人若具過度自信，則可抵消風險趨避帶來的公司價值減損，而達成股東所希望達到的公司價值極大。除此之外，根據Heaton(2003)模型所聲稱，過度樂觀的經理人無法達成公司價值極大，而本篇修改其模型，得出當公司經理人具過度樂觀特性，是有可能符合股東利益，而達到公司價值極大化的目標。 | zh_TW |
| dc.description.abstract (摘要) | In real world, people don’t make decisions depend on rationality. Therefore, there exists many facts that traditional researchers can’t explain since 1980’s and that’s why behavioral finance school arises. In this paper, we use behavioral finance models to discuss when managers are overconfident or optimistic, how their personality will affect the value of company. We find that when a manager is risk-neutral, he can maximize the firm value that we called “first-best value.” However, when a manager is risk-averse, the utility cost will be the huge obstacle to attain the goal. However, if the manager is overconfident, this characteristic will counterbalance the drawback that risk-averse will decrease company value. In addition, according to Heaton’s (2003) model, an optimistic manager can’t maximize firm value. This paper modifies Heaton’s model and finds that when managers are optimistic, it is likely that a manager can meet shareholder’s needs and maximize the firm value. | en_US |
| dc.description.tableofcontents | 摘要Ⅰ AbstractⅡ 誌謝Ⅲ 目錄Ⅳ 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 第二章 文獻回顧3 第一節 過度自信與過度樂觀定義 3 第二節 過度自信與過度樂觀對公司投資政策影響實證4 第三章 研究方法9 第一節 模型假設9 第二節 模型修正10 第三節 模型架構10 第四章 研究結果13 第五章 結論20 附錄21 參考文獻29 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0097351011 | en_US |
| dc.subject (關鍵詞) | 過度自信 | zh_TW |
| dc.subject (關鍵詞) | 過度樂觀 | zh_TW |
| dc.subject (關鍵詞) | 風險中立 | zh_TW |
| dc.subject (關鍵詞) | 風險趨避 | zh_TW |
| dc.subject (關鍵詞) | overconfidence | en_US |
| dc.subject (關鍵詞) | optimistic | en_US |
| dc.subject (關鍵詞) | risk-neutral | en_US |
| dc.subject (關鍵詞) | risk-averse | en_US |
| dc.title (題名) | 過度自信與過度樂觀經理人對公司價值影響 | zh_TW |
| dc.title (題名) | How overconfident and optimistic manager will affect firm value | en_US |
| dc.type (資料類型) | thesis | en |
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