政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/81113
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113822/144841 (79%)
造访人次 : 51797717      在线人数 : 525
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/81113


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/81113


    题名: 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
    作者: 楊芝榮
    贡献者: 周冠男
    楊芝榮
    关键词: 經理人過度自信
    研發支出
    融資限制
    Overconfidence
    Financial Constraints
    R&D Expenditures
    日期: 2015
    上传时间: 2016-02-03 11:17:22 (UTC+8)
    摘要: 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。
    參考文獻: Allayannis, George and Abon Mozumdar. "The Impact of Negative Cash Flow and Influential Observations on Investment–Cash Flow Sensitivity Estimates." Journal of Banking & Finance 28, no. 5 (2004): 901-930.
    Baker, Malcolm and Jeffrey Wurgler. "Investor Sentiment and the Cross‐Section of Stock Returns." The Journal of Finance 61, no. 4 (2006): 1645-1680.
    Ben-David, Itzhak, John R Graham and Campbell R Harvey. Managerial Miscalibration. National Bureau of Economic Research, 2010.
    Berk, Jonathan B, Richard C Green and Vasant Naik. "Valuation and Return Dynamics of New Ventures." Review of Financial Studies 17, no. 1 (2004): 1-35.
    Bertrand, Marianne, and Antoinette Schoar,"Managing with style: The effect of managers on firm policies." Quarterly Journal of Economics 118(2003):1169–1208.
    Camerer, Colin and Dan Lovallo. "Overconfidence and Excess Entry: An Experimental Approach." American economic review, (1999): 306-318.
    Chen, Sheng‐Syan, Keng‐Yu Ho and Po‐Hsin Ho. "Ceo Overconfidence and Long‐Term Performance Following R&D Increases." Financial Management 43, no. 2 (2014): 245-269.
    Cleary, Sean. "The Relationship between Firm Investment and Financial Status." The Journal of Finance 54, no. 2 (1999): 673-692.
    Fazzari, Steven, R Glenn Hubbard and Bruce Petersen. "Investment, Financing Decisions, and Tax Policy." The American Economic Review, (1988): 200-205.
    Galasso, Alberto and Timothy S Simcoe. "Ceo Overconfidence and Innovation." Management Science 57, no. 8 (2011): 1469-1484.
    Gervais, Simon, JB Heaton and Terrance Odean. "Overconfidence, Compensation Contracts, and Capital Budgeting." The Journal of Finance 66, no. 5 (2011): 1735-1777.
    Goel, Anand M and Anjan V Thakor. "Overconfidence, Ceo Selection, and Corporate Governance." The Journal of Finance 63, no. 6 (2008): 2737-2784.
    Hall, Bronwyn H and Rosemarie Ham Ziedonis. "The Patent Paradox Revisited: An Empirical Study of Patenting in the Us Semiconductor Industry, 1979-1995." RAND Journal of Economics, (2001): 101-128.
    Heaton, James B. "Managerial Optimism and Corporate Finance." Financial management, (2002): 33-45.
    Hirshleifer, David, Angie Low and Siew Hong Teoh. "Are Overconfident Ceos Better Innovators?" The Journal of Finance 67, no. 4 (2012): 1457-1498.
    Hribar, Paul and Holly Yang. "Ceo Overconfidence and Management Forecasting." Available at SSRN 929731, (2013).
    Kaplan, Steven N and Luigi Zingales. "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?" The Quarterly Journal of Economics, (1997): 169-215.
    Lambert, Richard A, David F Larcker and Robert E Verrecchia. "Portfolio Considerations in Valuing Executive Compensation." Journal of Accounting Research, (1991): 129-149.
    Lang, Larry, Eli Ofek and RenéM Stulz. "Leverage, Investment, and Firm Growth." Journal of financial Economics 40, no. 1 (1996): 3-29.
    Malmendier, Ulrike and Geoffrey Tate. "CEO Overconfidence and Corporate Investment." The journal of finance 60, no. 6 (2005): 2661-2700.
    Malmendier, Ulrike and Geoffrey Tate. "Who Makes Acquisitions? Ceo Overconfidence and the Market`s Reaction." Journal of financial Economics 89, no. 1 (2008): 20-43.
    Miller, Dale T and Michael Ross. "Self-Serving Biases in the Attribution of Causality: Fact or Fiction?" Psychological bulletin 82, no. 2 (1975): 213.
    Schrand, Catherine M and Sarah LC Zechman. "Executive Overconfidence and the Slippery Slope to Financial Misreporting." Journal of Accounting and Economics 53, no. 1 (2012): 311-329.
    Svenson, Ola, Baruch Fischhoff and Donald MacGregor. "Perceived Driving Safety and Seatbelt Usage." Accident Analysis & Prevention 17, no. 2 (1985): 119-133.
    Weinstein, Neil D. "Unrealistic Optimism About Susceptibility to Health Problems." Journal of behavioral medicine 5, no. 4 (1982): 441-460.
    Whited, Toni M and Guojun Wu. "Financial Constraints Risk." Review of Financial Studies 19, no. 2 (2006): 531-559.
    Yermack, David. "Higher Market Valuation of Companies with a Small Board of Directors." Journal of financial economics 40, no. 2 (1996): 185-211.
    Yermack, D., 1995, “Do Corporations Award CEO Stock Options Effectively?” Journal of Financial Economics 39, 237-269.
    Zantout, Zaher Z. "A Test of the Debt‐Monitoring Hypothesis: The Case of Corporate R&D Expenditures." Financial Review 32, no. 1 (1997): 21-48.
    描述: 碩士
    國立政治大學
    財務管理研究所
    102357022
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0102357022
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

    文件中的档案:

    没有与此文件相关的档案.



    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈