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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 邱顯比 | zh_TW |
| dc.contributor.advisor | Shean-Bii Chiu | en |
| dc.contributor.author | 呂雯 | zh_TW |
| dc.contributor.author | Wen Lu | en |
| dc.date.accessioned | 2023-08-08T16:20:57Z | - |
| dc.date.available | 2023-11-09 | - |
| dc.date.copyright | 2023-08-08 | - |
| dc.date.issued | 2023 | - |
| dc.date.submitted | 2023-07-03 | - |
| dc.identifier.citation | 中文參考文獻
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The general theory of employment. The Quarterly Journal of Economics, 51(2), 209-223. Lin, Y. H., Hu, S. Y., & Chen, M. S. (2005). Managerial optimism and corporate investment: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 13(5), 523-546. Lin, Y. H., Hu, S. Y., & Chen, M. S. (2008). Testing pecking order prediction from the viewpoint of managerial optimism: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 16(1), 160-181. Malmendier, U., & Tate, G. (2005a). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661-2700. Malmendier, U., & Tate, G. (2005b). Does overconfidence affect corporate investment? CEO overconfidence measures revisited. European Financial Management, 11(5), 649-659. Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics, 89(1), 20-43. Malmendier, U., Tate, G., & Yan, J. (2007). Corporate financial policies with overconfident managers. National Bureau of Economic Research Working Paper No. 13570. https://doi.org/10.3386/w13570 Malmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early-life experiences: The effect of managerial traits on corporate financial policies. The Journal of Finance, 66(5), 1687-1733. McLean, R. D. (2011). Share issuance and cash savings. Journal of Financial Economics, 99(3), 693-715. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46. Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 59(2), 197-216. Shu, P. G., Yeh, Y. H., Chiou, C. L., & Wang, W. T. (2013). Managerial overconfidence, the odds of completing a merger, and post-merger performance. Review of Securities and Futures Markets, 25(2), 129-160. Shu, P. G., Yeh, Y. H., Chiu, S. B., & Wang, L. H. (2013). The impact of market-nurtured optimism on mergers: Empirical evidence by the Taiwan's equity market. Review of Pacific Basin Financial Markets and Policies, 16(03), 1350021. Teng, C. C., & Liu, V. W. (2011). CEO overconfidence and pecking order prediction-evidence from Taiwanese electronics companies. Journal of Financial Studies, 19(4), 89-118. Yeh, C. W. (2014). Managerial characteristics and corporate cash policies [master's thesis]. National Taiwan University. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/88111 | - |
| dc.description.abstract | 本研究旨於探究經理人過度自信對公司現金之影響，並以經理人持股變化衡量過度自信傾向，建構出臺灣經理人過度自信指標，針對臺灣上市櫃公司進行實證分析，樣本期間為2006年1月至2020年12月。
實證結果顯示於臺灣上市櫃公司中，經理人過度自信與現金持有為顯著正相關，過度自信公司傾向具有較高現金持有量；現金價值方面，過度自信與現金價值呈正相關，於經濟意義上現金對過度自信公司而言具重要性，價值追求之投資可用現金有利於公司價值，有助於緩解投資不足問題，促進經理人為更多創新投資以提升價值；透過渠道分析探討過度自信對現金影響來源，發現投資環境非臺灣過度自信對現金影響之關鍵因素，過度自信對現金持有和現金價值之影響皆不因其所屬產業特性而有所差異；最後，研究進一步發現過度自信對現金之影響均不隨交易、預防和代理動機而有所變化，證實經理人過度自信特質為臺灣公司現金政策之重要影響因素。 | zh_TW |
| dc.description.abstract | This study explores the impact of managerial overconfidence on corporate cash holdings by constructing a managerial overconfidence index based on changes in manager stock ownership. Empirical analysis is conducted on Taiwanese listed companies during the period from January 2006 to December 2020.
The empirical results show a significant positive correlation between managerial overconfidence and cash holdings in Taiwanese listed companies. Specifically, companies with overconfident managers exhibit a tendency towards higher cash holdings. In terms of cash value, there is a positive correlation between managerial overconfidence and cash value in Taiwanese listed companies. Economically, cash is crucial for overconfident companies, as investments aimed at value creation can benefit from available cash, helping to alleviate the problem of insufficient investment and encouraging managers to make more innovative investments to enhance value. Moreover, through channel analysis, this study investigates the sources of the impact of managerial overconfidence on cash and finds that the investment environment is not a key factor affecting the relationship between managerial overconfidence and cash. The effect of managerial overconfidence on cash holdings and cash value does not differ significantly across different industries. Finally, the study further reveals that the impact of managerial overconfidence on cash does not vary with transactional motive, precautionary motive, or agency motive, confirming that the trait of managerial overconfidence is an important determinant of cash policies in Taiwanese listed companies. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2023-08-08T16:20:57Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2023-08-08T16:20:57Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 口試委員會審定書 i
謝 辭 ii 摘 要 iii Abstract iv 第一章 緒論 1 第二章 文獻回顧 5 第一節 傳統現金持有動機 5 第二節 經理人過度自信 8 第三節 經理人過度自信於公司財務政策實證研究 10 第四節 經理人過度自信與現金 16 第三章 研究方法 17 第一節 研究假說 17 第二節 過度自信指標 22 第三節 研究模型 29 第四節 變數定義及說明 34 第五節 研究流程 39 第四章 實證分析 40 第一節 樣本資料分析 40 第二節 經理人過度自信與現金持有 42 第三節 經理人過度自信與現金價值 45 第四節 投資環境與過度自信影響 47 第五節 傳統現金持有動機與過度自信現金影響 49 第五章 結論與建議 56 第一節 結論 56 第二節 研究貢獻 58 第三節 建議與限制 59 參考文獻 60 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | 代理問題 | zh_TW |
| dc.subject | 經理人過度自信 | zh_TW |
| dc.subject | 現金持有 | zh_TW |
| dc.subject | 現金價值 | zh_TW |
| dc.subject | 現金持有動機 | zh_TW |
| dc.subject | Cash Holdings | en |
| dc.subject | Managerial Overconfidence | en |
| dc.subject | Agency Problem | en |
| dc.subject | Cash Holding Motives | en |
| dc.subject | Cash Value | en |
| dc.title | 經理人過度自信與現金持有—以臺灣上市櫃公司為例 | zh_TW |
| dc.title | Managerial Overconfidence and Cash Holdings—Evidence From Taiwanese Listed Companies | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 111-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 林修葳;林姿婷 | zh_TW |
| dc.contributor.oralexamcommittee | Hsiou-Wei Lin;Tzu-Ting Lin | en |
| dc.subject.keyword | 經理人過度自信,現金持有,現金價值,現金持有動機,代理問題, | zh_TW |
| dc.subject.keyword | Managerial Overconfidence,Cash Holdings,Cash Value,Cash Holding Motives,Agency Problem, | en |
| dc.relation.page | 63 | - |
| dc.identifier.doi | 10.6342/NTU202301101 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2023-07-04 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 財務金融學系 | - |
| 顯示於系所單位： | 財務金融學系 | |
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