過度自信 CEO 對企業研發的影響－以台灣上市櫃電子業公司為例

Abstract

電子業為我國經濟發展的重要命脈，從上游到下游，我國廠商在全球電子產業供應鏈中都扮演重要的角色，但隨著技術快速變化，企業也必須增加自身創新能力避免被淘汰，其中，經理人的管理特質更顯重要。而過度自信經理人雖會低估風險，但其特質也給予創新需求高的電子業更多研發資源與空間，故本論文旨在研究過度自信經理人對於企業創新是否帶來正面的影響。結果顯示，創新投入的多寡主要是根據企業在供應鏈的位置來決定，而過度自信經理人能增加企業創新產出與研發效率，尤其在注重研發的產業、Tobin’s Q較低、資產規模較小的公司中，過度自信經理人對於創新產出與效率的影響更為顯著，而過度自信董事長也因能改善家族企業保守的投資態度，帶來更多創新產出與效率。此外，董事長過度自信對於企業創新的助益更大於總經理。

The finance literature suggests that CEO overconfidence has an important impact on a firm’s research and development (R D) investments and performance. This thesis examines whether this claim holds for Taiwan’s listed firms in electronic industries, where R D is a critical determinant of firm value. This thesis also investigates whether the overconfidence of the CEO or that of the chairperson of the board has a more significant influence on these firms’ R D inputs and outputs. I find that, during the sample period of 2010 to 2018, overconfident CEOs not only bring more patents and citations, but also improve innovation efficiency for firms. However, they do not lead to higher R D expenditures. These results are stronger if firms are in the industries with higher R D expenditures, or if they have lower Tobin's Q or smaller firm size. Overconfident CEOs also improve the family companies’ conservative attitude in investing and bring better innovation outputs and efficiency. Besides, an overconfident board chairperson has greater influence than an overconfident CEO