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Title:	經理人過度自信與融資限制對公司研發支出之影響 The Study of the Effects of CEOs Overconfidence and Financing Constraints on Corporate R&D Expenditures
Authors:	楊芝榮
Contributors:	周冠男楊芝榮
Keywords:	經理人過度自信研發支出融資限制 Overconfidence Financial Constraints R&D Expenditures
Date:	2015
Issue Date:	2016-02-03 11:17:22 (UTC+8)
Abstract:	以往於經理人過度自信對公司投資決策影響之研究中，大部分注重於經理人過度自信與資本投資之關係，僅有少數文獻探討經理人過度自信與R&D支出影響。本研究主要為探討經理人過度自信、現金部位與融資限制之關聯，針對1993年至2013年間的1,892間美國公司進行分析，首先探討經理人過度自信是否影響R&D支出對現金部位的敏感度，在進一步將公司依融資限制分為五組進行探討，研究結果發現:(1)過度自信的經理人其R&D支出對於公司現金部位的敏感性較高，這隱含過度自信的經理人在公司擁有充裕的現金時可能會過度投資,而現金不足時可能會投資不足之情形。(2)融資限制最高的組別其R&D支出對現金的敏感度顯著大於融資限制最低的組別，同時當公司融資限制的程度提高,過度自信經理人的R&D支出對現金部位的敏感度也持續上升,這樣的結果也隱含在高度融資限制影響下，過度自信經理人在進行R&D決策時，會因公司持有的現金較多而進行更多的R&D投資。
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Description:	碩士國立政治大學財務管理研究所 102357022
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0102357022
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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