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標題: | 過度自信CEO對被併購風險之影響 CEO Overconfidence and Takeover Probability |
作者: | Cheng-Chun Liu 劉成駿 |
指導教授: | 廖咸興 |
關鍵字: | 被併購機率,經理人過度自信,研發與支出費用, takeover probability,R&D expenditure, |
出版年 : | 2017 |
學位: | 碩士 |
摘要: | 根據以往的研究發現,具過度自信的管理者其投資決策很容易受到現金來源影響,因為過度自信的管理者容易高估自己的投資決策,並且覺得如果需要使用外部融資的時候,其必須承擔較高的資金成本,所以過度自信的經理人會在公司有外部融資需求時優先發行債券,因此容易比一般的經理人產生更多負債(Lin et al,2008)。因此,公司若有足夠的內部資金時,管理者亦有過度投資的可能性,但如果是需要外部融資則會相對減少支出。此外Hirshleifer et al.(2012)發現公司會選擇過度自信管理者是因為他會從事高度專業知能及高風險的工作,造成研發支出的提升但也使得股東獲利,其實證結果發現創新的活動會透過過度自信管理者顯著提升,進一步使得研發增加及專利權的增加提升公司價值。然而,Lin and Wang(2016)研究發現實證結果顯示研發支出對企業被併購的機率呈現遞延一期的正相關效果。因此本研究分析了經理人過度自信(CEO’s Overconfidence)對於企業自身被併購機率的影響。實證結果顯示,經理人過度自信對於企業自身被併購機率的影響呈現正向顯著關係。 According to previous research, investment decisions made by over-confident CEOs are subject to cash resources. Over-confident CEOs tend to over-estimate their investment decisions. Moreover, when needing external financing, they must bear the higher cost of capital. So, Over-confident CEOs give priority to bonds when they have external financing needs. Therefore, they are prone to generating more debts than general CEOS do. In this summary, If a company has sufficient internal funds, CEO has the possibility of over-investment. But if it is necessary to external financing, CEO will relatively reduce spending. On the other hand, Hirshleifer et al. (2012) found that a company would choose overconfident CEO because he or she would be engaged in highly specialized and high-risk jobs which increase the R&D expenditure and finally let their shareholder profit. Empirical results found that innovative activities were significantly enhanced by overconfident managers, further increasing R&D and increasing patent rights to enhance corporate value. However, Lin and Wang (2016) found that empirical results show that R&D expenditure has a positive correlation effect on the probability that firms are merged. Therefore, this study analyzes the impact of CEO's Overconfidence on the probability of being acquired by the firm itself. The empirical results show that the manager's overconfidence has a positive relationship with the impact of the firm's own acquisition probability. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/21757 |
DOI: | 10.6342/NTU201800660 |
全文授權: | 未授權 |
顯示於系所單位: | 財務金融學系 |
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