過度自信經理人對公司債發行利差之影響

Abstract

本論文主要在研究過度自信經理人對公司債發行利差的影響，並檢視2000-2017年間美國發行的公司債，實證結果發現過度自信經理人對公司債發行利差無顯著影響。為了進一步探討過度自信經理人在何種特徵下更容易影響公司債發行利差，因此透過不同特徵劃分樣本的方式檢視其顯著性，而實證結果顯示在債券信用評等較差、成長性較低、資訊不對稱程度較高的公司，過度自信經理人對於公司債發行利差有較正向且顯著的影響。另外，若將樣本期間劃分為市場衰退期間與市場健康期間，可發現過度自信經理人在市場衰退期間對公司債發行利差有較正向且顯著的影響。最後，我們額外發現，在低債券信評的組別中，管理者鞏固程度越高，過度自信經理人對公司債發行利差有較正向且顯著的影響。

This study primarily investigates the impact of CEO overconfidence on corporate bond yield spreads, examining corporate bonds issued in the United States between 2000 and 2017. Empirical results indicate that overconfident CEOs have no significant impact on the yield spreads of corporate bond issuance. To further explore the circumstances under which overconfident CEOs more readily impact yield spreads of corporate bond issuance, we examine its significance through the partitioning of samples by different characteristics. The empirical results indicate that overconfident CEOs have a more positive and significant effect on yield spreads of corporate bond issuance for companies with poorer bond ratings, lower growth, and higher information asymmetry. Additionally, when the sample period is divided into periods of market distress and periods of market stability, it is found that overconfident CEOs have a more significant and positive impact on yield spreads of corporate bond issuance during times of market distress. Finally, we found additional evidence that in the group with lower bond ratings, overconfident CEOs have a more positive and significant effect on the yield spreads of corporate bond issuance when the level of managerial entrenchment is high.