系統識別號 | U0002-0401201722221500 |
---|---|
DOI | 10.6846/TKU.2017.00089 |
論文名稱(中文) | 高階管理者過度自信對於併購後公司價值影響:中國大陸上市公司實證 |
論文名稱(英文) | The Impact of Managerial Overconfidence on Firm’s Value after Mergers and Acquisitions: An Empirical Study of China Listed Companies |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 財務金融學系博士班 |
系所名稱(英文) | Department of Banking and Finance |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 105 |
學期 | 1 |
出版年 | 106 |
研究生(中文) | 唐佳賢 |
研究生(英文) | Chia Hsien Tang |
學號 | 800530106 |
學位類別 | 博士 |
語言別 | 英文 |
第二語言別 | |
口試日期 | 2017-01-07 |
論文頁數 | 48頁 |
口試委員 |
指導教授
-
李命志
指導教授 - 李彥賢 委員 - 李命志 委員 - 洪瑞成 委員 - 鄭婉秀 委員 - 劉洪鈞 委員 - 張鼎煥 委員 - 吳佩珊 委員 - 黃健銘 |
關鍵字(中) |
過度自信 公司治理 公司併購 |
關鍵字(英) |
Overconfidence Corporate Governance Mergers and Acquisitions |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
從財務金融的角度,企業透過併購方式增加公司價值及市場擴張。本文從行為財務學的角度探討中國上市公司在併購決策的決定中,CEO的過度自信是否對於公司價值會有顯著的影響。 企業併購通常是兩家企業結合為一家企業,因此在公司治理當中的董事會主席、CEO或是財務長等角色,將涉及到併購後的權力分配與高階管理者的內部問題,雖有公司治理的監督下,然在併購後所產生的權力衝擊等內部問題,則易造成企業在併購後企業價值的減少。 本研究實證結果發現公司的價值會因CEO的過度自信,在公司併購後而增加公司的價值。且當過度自信的CEO年齡較年輕,則當公司在執行併購後其公司價值價值也就相對會有增加效果。而女性的過度自信CEO因對於營運屬於風險趨避管理,因此相對來說對於企業價值在併購後也就會有減弱的影響。另外,高階經理人具備大學學歷及財金背景的特性,對於併購後企業價具有減緩企業價值減少的效果。 |
英文摘要 |
From the financial behavior perspective, firms use mergers and acquisitions in order to raise company value. This thesis aims to investigate CEO overconfidence in China companies and test whether or not CEOs overconfidence will have an impact on firms’ value after mergers and acquisitions. Because of the balance of power conflict might arise at a firm after mergers and acquisitions, thus, even corporate governance is a way to monitor CEO power, however, the internal conflict and authorities conflict may arise after two companies have merged into one corporate and have negative impact on firm value after mergers and acquisitions. The empirical results of this thesis have shown that firm value is positively related to CEOs overconfidence. In addition, the overconfidence of young CEOs show significant more aggressive in mergers and acquisitions, thus firm value has enhanced because of young CEOs eager to success in the early career stage. Also, this thesis evidence shows that if firms prefer to focus more in supervisory and risk aversion control, female CEOs are the ideal candidate for the establishment the corporate policy and risk management. Also, CEO who possesses a bachelor degree and financial background shows a significant and positive influence to slow down firm value decreased in the empirical result. |
第三語言摘要 | |
論文目次 |
CONTENTS ACKNOWLEDGEMENT I ABSTRACT IN CHINESE II ABSTRACT IN ENGLISH III CONTENTS IV LIST OF TABLES VI LIST OF FIGURES VII CONTENTS CHAPTER 1 INTRODUCTION 1 CHAPTER 2 LITERATURE REVIEW 6 2.1 Literature review of managerial overconfidence 6 2.2 Literature review of corporate governance 8 2.3 The CEO personal characteristics of managerial overconfidence 10 2.3.1 CEO ages and performance 10 2.3.2 CEO gender and risk tolerance 11 2.3.3 CEO personal background and performance 12 CHAPTER 3 DATA AND METHODOLOGY 15 3.1 Sample and data source 15 3.2 Variable definitions 18 3.3 Methodology 18 CHAPTER 4 EMPIRICAL RESULTS AND ANALYSIS 26 4.1 Summary statistics 29 4.2 Empirical result analysis 31 CHAPTER 5 CONCLUSIONS 42 REFERENCES 44 LIST OF TABLES Table 1 Data definition 17 Table 2 Descriptive Statistic 28 Table 3 Correlation Matrix 30 Table 4 Regression Result of Managerial Overconfidence Models 38 Table 5 Regression Result of Corporate Governance Models 39 Table 6 Regression Result of Young CEOs and Female Variable Models 40 Table 7 Regression Result of CEO Personal Characteristics Models 41 LIST OF FIGURES Figure 1 Flowchart research framework 5 Figure 2 Flowchart hypothesis development framework 16 |
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