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    題名: 經理人過度自信對可轉換公司債發行與轉換條件設定的影響
    The Impact of CEO Overconfidence on the Issuance of Convertible Bonds and the Setting of Conversion Conditions
    作者: 羅佩文
    Lo, Pei-Wen
    貢獻者: 周冠男
    陳嬿如
    Chou, Kuan-Nan
    Chen, Yenn-Ru
    羅佩文
    Lo, Pei-Wen
    關鍵詞: 經理人過度自信
    可轉換公司債
    轉換溢價率
    市值溢價率
    發行人贖回權行使
    轉換執行率
    CEO Overconfidence
    Convertible Bonds
    Conversion Premium
    Value Premium
    Redemption
    Conversion Rate
    日期: 2022
    上傳時間: 2023-03-09 18:35:06 (UTC+8)
    摘要: 經理人過度自信的特質會影響公司的融資決策。本研究探討經理人過度自信
    與發行可轉換公司債及轉換條件設定的關聯。資料樣本為台灣 2010-2020 年發行可轉債之上市櫃公司，排除金融、保險與證券業。本研究實證結果為，經理人具有過度自信的傾向會提高可轉債發行機率以及提高轉換溢價率，顯示過度自信之經理人會高估公司發行可轉債的轉換價格，導致轉換溢價率高。然而，經理人過度自信並沒有顯著影響可轉債市值溢價率和轉換執行率的高低，以及發行公司行使贖回權的機率。另外，過往文獻指出，科技業經理人過度自信程度有高於非科技業的傾向。因此亦探討在此前提下，科技業所發行之可轉債在轉換溢價率、市值溢價率、發行公司贖回權的行使與轉換執行率是否與非科技業有顯著差異。結果證實，因科技業經理人過度自信傾向高於非科技業，導致市值溢價率較低與行使贖回權機率低於非科技業，另也因科技業成長潛力較大，投資人轉換執行率顯著高於非科技業。然而，科技業之轉換溢價率並無明顯高於非科技業。
    It is well documented that CEO overconfidence strongly affects corporates’ financing decisions. This study examines the association of CEO overconfidence with issuance of convertible bonds and the setting of conversion conditions. The sample data are firms listed in the Taiwan Stock Markets from 2010-2020, excluding financial, insurance and security industries. The empirical results indicate that overconfident CEO tends to increase both the probability of convertible bonds issuance and conversion premium. CEO with overconfidence will overestimate the conversion price
    of the convertible bond, thus resulting in a higher conversion premium. However, CEO overconfidence does not significantly influence value premium, redemption and
    conversion rate. The sample data are further divided into two categories, tech and nontech industry. Based on the literature that CEOs in tech industry have relatively higher
    overconfidence, this study investigates whether the conversion conditions including conversion premium, value premium, redemption and conversion rate are statistically
    significantly different between two industries. The results confirm that because CEOs in tech industry have higher overconfidence, leading to a lower value premium and
    lower probability of executing redemption than in non-tech industry. Moreover, with greater growth potential, conversion rate in tech industry is significantly higher than non-tech industry. As for conversion premium, there are no significant differencesbetween the two industries.
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    描述: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    110363049
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0110363049
    資料類型: thesis
    顯示於類別:[企業管理研究所（MBA學位學程）] 學位論文

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