經理人的過度自信與學歷專業度對公司的真實盈餘之影響

Abstract

本研究以2007至2020年間臺灣上市公司作為研究樣本，參考洪榮華等(2013)的方法，依經理人的持股行為來判斷其是否有過度自信的特質，進而去探討過度自信的經理人對公司財務績效、盈餘管理和真實盈餘的影響，同時參照趙翊茹(2020)和陳家偉(2021)的方法建立學歷資料庫，藉此探討學歷專業度對於經理人的過度自信特質和公司表現之間的調節效果。研究結果發現，過度自信經理人會顯著提升公司的財務績效表現，但同時也會增加其盈餘管理的程度，因此對公司的真實盈餘沒有顯著的影響。本研究接著再加入學歷專業度作為調節效果，發現具備學歷專業度的過度自信經理人能有效地增加公司的真實盈餘，然而，不具備學歷專業度的過度自信經理人則會顯著地降低公司的真實盈餘，並且提高其盈餘管理的程度，來呈現公司財務績效良好的假象。

This study chooses the Taiwanese listed companies between 2007 to 2020 as the research sample, and we refer to the method of Hung et al. (2013), defining the overconfidence trait of the managers based on their stock holdings, in order to examine the effect of managerial overconfidence on firm performance, earnings management and unmanaged earnings. Moreover, this study also refers to the method of Chao (2020) and Chen (2021), creating the educational background database to investigate the moderation effect of the manager’s educational background on the managerial overconfidence and companies. The empirical results show that overconfident CEOs not only increase the firm performance, but also increase the level of earnings management. Hence, the managerial overconfidence is useless for the company’s unmanaged earnings. Next, this study puts the educational background as the moderation effect. The empirical results find that the overconfidence CEOs which have professional educational backgrounds can effectively increase the company’s unmanaged earnings. Conversely, the overconfidence CEOs which don’t have professional educational backgrounds will decrease the company’s unmanaged earnings and increase the level of earnings management to present the illusion of good firm performance.