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題名 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
作者 楊芝榮
貢獻者 周冠男
楊芝榮
關鍵詞 經理人過度自信
研發支出
融資限制
Overconfidence
Financial Constraints
R&D Expenditures
日期 2015
上傳時間 3-Feb-2016 11:17:22 (UTC+8)
摘要 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。
參考文獻 Allayannis, George and Abon Mozumdar. "The Impact of Negative Cash Flow and Influential Observations on Investment–Cash Flow Sensitivity Estimates." Journal of Banking & Finance 28, no. 5 (2004): 901-930.
Baker, Malcolm and Jeffrey Wurgler. "Investor Sentiment and the Cross‐Section of Stock Returns." The Journal of Finance 61, no. 4 (2006): 1645-1680.
Ben-David, Itzhak, John R Graham and Campbell R Harvey. Managerial Miscalibration. National Bureau of Economic Research, 2010.
Berk, Jonathan B, Richard C Green and Vasant Naik. "Valuation and Return Dynamics of New Ventures." Review of Financial Studies 17, no. 1 (2004): 1-35.
Bertrand, Marianne, and Antoinette Schoar,"Managing with style: The effect of managers on firm policies." Quarterly Journal of Economics 118(2003):1169–1208.
Camerer, Colin and Dan Lovallo. "Overconfidence and Excess Entry: An Experimental Approach." American economic review, (1999): 306-318.
Chen, Sheng‐Syan, Keng‐Yu Ho and Po‐Hsin Ho. "Ceo Overconfidence and Long‐Term Performance Following R&D Increases." Financial Management 43, no. 2 (2014): 245-269.
Cleary, Sean. "The Relationship between Firm Investment and Financial Status." The Journal of Finance 54, no. 2 (1999): 673-692.
Fazzari, Steven, R Glenn Hubbard and Bruce Petersen. "Investment, Financing Decisions, and Tax Policy." The American Economic Review, (1988): 200-205.
Galasso, Alberto and Timothy S Simcoe. "Ceo Overconfidence and Innovation." Management Science 57, no. 8 (2011): 1469-1484.
Gervais, Simon, JB Heaton and Terrance Odean. "Overconfidence, Compensation Contracts, and Capital Budgeting." The Journal of Finance 66, no. 5 (2011): 1735-1777.
Goel, Anand M and Anjan V Thakor. "Overconfidence, Ceo Selection, and Corporate Governance." The Journal of Finance 63, no. 6 (2008): 2737-2784.
Hall, Bronwyn H and Rosemarie Ham Ziedonis. "The Patent Paradox Revisited: An Empirical Study of Patenting in the Us Semiconductor Industry, 1979-1995." RAND Journal of Economics, (2001): 101-128.
Heaton, James B. "Managerial Optimism and Corporate Finance." Financial management, (2002): 33-45.
Hirshleifer, David, Angie Low and Siew Hong Teoh. "Are Overconfident Ceos Better Innovators?" The Journal of Finance 67, no. 4 (2012): 1457-1498.
Hribar, Paul and Holly Yang. "Ceo Overconfidence and Management Forecasting." Available at SSRN 929731, (2013).
Kaplan, Steven N and Luigi Zingales. "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?" The Quarterly Journal of Economics, (1997): 169-215.
Lambert, Richard A, David F Larcker and Robert E Verrecchia. "Portfolio Considerations in Valuing Executive Compensation." Journal of Accounting Research, (1991): 129-149.
Lang, Larry, Eli Ofek and RenéM Stulz. "Leverage, Investment, and Firm Growth." Journal of financial Economics 40, no. 1 (1996): 3-29.
Malmendier, Ulrike and Geoffrey Tate. "CEO Overconfidence and Corporate Investment." The journal of finance 60, no. 6 (2005): 2661-2700.
Malmendier, Ulrike and Geoffrey Tate. "Who Makes Acquisitions? Ceo Overconfidence and the Market`s Reaction." Journal of financial Economics 89, no. 1 (2008): 20-43.
Miller, Dale T and Michael Ross. "Self-Serving Biases in the Attribution of Causality: Fact or Fiction?" Psychological bulletin 82, no. 2 (1975): 213.
Schrand, Catherine M and Sarah LC Zechman. "Executive Overconfidence and the Slippery Slope to Financial Misreporting." Journal of Accounting and Economics 53, no. 1 (2012): 311-329.
Svenson, Ola, Baruch Fischhoff and Donald MacGregor. "Perceived Driving Safety and Seatbelt Usage." Accident Analysis & Prevention 17, no. 2 (1985): 119-133.
Weinstein, Neil D. "Unrealistic Optimism About Susceptibility to Health Problems." Journal of behavioral medicine 5, no. 4 (1982): 441-460.
Whited, Toni M and Guojun Wu. "Financial Constraints Risk." Review of Financial Studies 19, no. 2 (2006): 531-559.
Yermack, David. "Higher Market Valuation of Companies with a Small Board of Directors." Journal of financial economics 40, no. 2 (1996): 185-211.
Yermack, D., 1995, “Do Corporations Award CEO Stock Options Effectively?” Journal of Financial Economics 39, 237-269.
Zantout, Zaher Z. "A Test of the Debt‐Monitoring Hypothesis: The Case of Corporate R&D Expenditures." Financial Review 32, no. 1 (1997): 21-48.
描述 碩士
國立政治大學
財務管理研究所
102357022
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102357022
資料類型 thesis
dc.contributor.advisor 周冠男zh_TW
dc.contributor.author (Authors) 楊芝榮zh_TW
dc.creator (作者) 楊芝榮zh_TW
dc.date (日期) 2015en_US
dc.date.accessioned 3-Feb-2016 11:17:22 (UTC+8)-
dc.date.available 3-Feb-2016 11:17:22 (UTC+8)-
dc.date.issued (上傳時間) 3-Feb-2016 11:17:22 (UTC+8)-
dc.identifier (Other Identifiers) G0102357022en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/81113-
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) 102357022zh_TW
dc.description.abstract (摘要) 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。		zh_TW
dc.description.tableofcontents 1. Introduction 5
1.1. Motivation of the study 5
1.2. Section outlines 7
2. Literature Review 8
2.1. CEO overconfidence 8
2.2. Financing constraints 11
2.3. Hypothesis 13
3. Data Description and Research Methodology 14
3.1. Data 14
3.2. Methodology and Variable Description 15
3.2.1. The managerial overconfidence measure 15
3.2.2. Measuring Financing Constraints 16
3.2.3. Dependent and Independent Variables 17
3.2.4. Control Variables 18
3.3. Models 19
4. Empirical Results and Analyses 21
4.1. Descriptive Statistics 21
4.2. Tests of the Hypotheses 1 26
4.3. Tests of the Hypotheses 2 31
5. Conclusion 35
Appendix 36
References 36		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102357022en_US
dc.subject (關鍵詞) 經理人過度自信zh_TW
dc.subject (關鍵詞) 研發支出zh_TW
dc.subject (關鍵詞) 融資限制zh_TW
dc.subject (關鍵詞) Overconfidenceen_US
dc.subject (關鍵詞) Financial Constraintsen_US
dc.subject (關鍵詞) R&D Expendituresen_US
dc.title (題名) 經理人過度自信與融資限制對公司研發支出之影響zh_TW
dc.title (題名) The Study of the Effects of CEOs Overconfidence and Financing Constraints on Corporate R&D Expendituresen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Allayannis, George and Abon Mozumdar. "The Impact of Negative Cash Flow and Influential Observations on Investment–Cash Flow Sensitivity Estimates." Journal of Banking & Finance 28, no. 5 (2004): 901-930.
Baker, Malcolm and Jeffrey Wurgler. "Investor Sentiment and the Cross‐Section of Stock Returns." The Journal of Finance 61, no. 4 (2006): 1645-1680.
Ben-David, Itzhak, John R Graham and Campbell R Harvey. Managerial Miscalibration. National Bureau of Economic Research, 2010.
Berk, Jonathan B, Richard C Green and Vasant Naik. "Valuation and Return Dynamics of New Ventures." Review of Financial Studies 17, no. 1 (2004): 1-35.
Bertrand, Marianne, and Antoinette Schoar,"Managing with style: The effect of managers on firm policies." Quarterly Journal of Economics 118(2003):1169–1208.
Camerer, Colin and Dan Lovallo. "Overconfidence and Excess Entry: An Experimental Approach." American economic review, (1999): 306-318.
Chen, Sheng‐Syan, Keng‐Yu Ho and Po‐Hsin Ho. "Ceo Overconfidence and Long‐Term Performance Following R&D Increases." Financial Management 43, no. 2 (2014): 245-269.
Cleary, Sean. "The Relationship between Firm Investment and Financial Status." The Journal of Finance 54, no. 2 (1999): 673-692.
Fazzari, Steven, R Glenn Hubbard and Bruce Petersen. "Investment, Financing Decisions, and Tax Policy." The American Economic Review, (1988): 200-205.
Galasso, Alberto and Timothy S Simcoe. "Ceo Overconfidence and Innovation." Management Science 57, no. 8 (2011): 1469-1484.
Gervais, Simon, JB Heaton and Terrance Odean. "Overconfidence, Compensation Contracts, and Capital Budgeting." The Journal of Finance 66, no. 5 (2011): 1735-1777.
Goel, Anand M and Anjan V Thakor. "Overconfidence, Ceo Selection, and Corporate Governance." The Journal of Finance 63, no. 6 (2008): 2737-2784.
Hall, Bronwyn H and Rosemarie Ham Ziedonis. "The Patent Paradox Revisited: An Empirical Study of Patenting in the Us Semiconductor Industry, 1979-1995." RAND Journal of Economics, (2001): 101-128.
Heaton, James B. "Managerial Optimism and Corporate Finance." Financial management, (2002): 33-45.
Hirshleifer, David, Angie Low and Siew Hong Teoh. "Are Overconfident Ceos Better Innovators?" The Journal of Finance 67, no. 4 (2012): 1457-1498.
Hribar, Paul and Holly Yang. "Ceo Overconfidence and Management Forecasting." Available at SSRN 929731, (2013).
Kaplan, Steven N and Luigi Zingales. "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?" The Quarterly Journal of Economics, (1997): 169-215.
Lambert, Richard A, David F Larcker and Robert E Verrecchia. "Portfolio Considerations in Valuing Executive Compensation." Journal of Accounting Research, (1991): 129-149.
Lang, Larry, Eli Ofek and RenéM Stulz. "Leverage, Investment, and Firm Growth." Journal of financial Economics 40, no. 1 (1996): 3-29.
Malmendier, Ulrike and Geoffrey Tate. "CEO Overconfidence and Corporate Investment." The journal of finance 60, no. 6 (2005): 2661-2700.
Malmendier, Ulrike and Geoffrey Tate. "Who Makes Acquisitions? Ceo Overconfidence and the Market`s Reaction." Journal of financial Economics 89, no. 1 (2008): 20-43.
Miller, Dale T and Michael Ross. "Self-Serving Biases in the Attribution of Causality: Fact or Fiction?" Psychological bulletin 82, no. 2 (1975): 213.
Schrand, Catherine M and Sarah LC Zechman. "Executive Overconfidence and the Slippery Slope to Financial Misreporting." Journal of Accounting and Economics 53, no. 1 (2012): 311-329.
Svenson, Ola, Baruch Fischhoff and Donald MacGregor. "Perceived Driving Safety and Seatbelt Usage." Accident Analysis & Prevention 17, no. 2 (1985): 119-133.
Weinstein, Neil D. "Unrealistic Optimism About Susceptibility to Health Problems." Journal of behavioral medicine 5, no. 4 (1982): 441-460.
Whited, Toni M and Guojun Wu. "Financial Constraints Risk." Review of Financial Studies 19, no. 2 (2006): 531-559.
Yermack, David. "Higher Market Valuation of Companies with a Small Board of Directors." Journal of financial economics 40, no. 2 (1996): 185-211.
Yermack, D., 1995, “Do Corporations Award CEO Stock Options Effectively?” Journal of Financial Economics 39, 237-269.
Zantout, Zaher Z. "A Test of the Debt‐Monitoring Hypothesis: The Case of Corporate R&D Expenditures." Financial Review 32, no. 1 (1997): 21-48.		zh_TW