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系統識別號 U0002-2205202013152700
中文論文名稱 過度自信對公司價值的影響
英文論文名稱 The Impact of Overconfidence on Firm Value
校院名稱 淡江大學
系所名稱(中) 管理科學學系企業經營碩士班
系所名稱(英) Master's Program In Business And Management, Department Of Management Sciences
學年度 108
學期 2
出版年 109
研究生中文姓名 賴沛玉
研究生英文姓名 Pei-Yu Lai
學號 607620076
學位類別 碩士
語文別 中文
口試日期 2020-06-20
論文頁數 46頁
口試委員 指導教授-倪衍森
委員-曹銳勤
委員-黃寶玉
中文關鍵字 過度自信  公司價值  公司治理 
英文關鍵字 Overconfidencce  Firm Value  Corporate Governance 
學科別分類
中文摘要 本研究以2014至2018年台灣上市櫃公司為研究樣本,在加入股權結構及財務報表變數等控制變數來探討過度自信對公司績效之影響。由實證結果得到以下之結果,其一、 以公司實施庫藏股作為過度自信代理變數時對公司價值有顯著負向影響。其二、 在董監質押比率較高以及董事會規模較大的公司被視為公司治理較不佳的公司,而實證結果亦顯示這類型的公司也較不利於公司價值提升。其三、 研究發現在董事長兼總經理與電子產業的公司容易有實施庫藏股的過度自信現象。
英文摘要 By employing the firms listed on TWSE over the period 2014-2018 as our sample, this study explores whether various overconfidence proxies would have impacts on firm performance after incorporating board structure, financial statement, other controlling variables. We then reveal the following important findings. First, we show that firm value would be negatively impacted by treasury stocks implemented, one of the overconfidence proxies. Second, the firms with ill-functioned corporate governance such as higher directors’ pledge ratio and large board size would weaken firm value. Third, we also reveal that the treasury stocks implemented often occurs for the firms with CEO-duality and electronic firms.
論文目次 目 錄 I
圖目錄 III
表目錄 IV
第一章、緒論 1
第一節、研究背景與動機 1
第二節、研究目的 3
第三節、研究流程 5
第四節、研究架構 6
第二章、文獻探討 7
第一節、公司治理與公司價值 7
第二節、董事會結構、財務報表與公司價值 8
第三節、其他變數與公司價值 10
第四節、過度自信與公司價值 12
第三章、研究假設與方法 15
第一節、研究資料與變數 15
第二節、研究假說與模型 19
第三節、研究方法 21
第四章、實證結果 24
第一節、敘述統計量分析 24
第二節、多元迴歸模型 26
第三節、Petersen迴歸模型 30
第四節、羅吉斯迴歸模型 32
第五章、研究結論與建議 34
第一節、研究結果 34
第二節、財務與管理意涵 35
第三節、研究限制與後續研究 36
參考文獻 38
圖目錄
圖1-1投資者與理財師對未來的投資回報期望 1
圖1-2研究流程圖 5
表目錄
表4-1敘述統計量 24
表4-2共線性VIF檢驗 26
表4-3多元迴歸模型分析 27
表4-4 Petersen迴歸模型 30
表4-5羅吉斯迴歸模型 32



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