本研究探討管理者過度自信對於投資決策的影響。本文使用兩個代理變數作為管理者過度自信的判斷標準，包含高階管理者持股數增加以及管理者過度自信綜合指標；投資決策分為四類，包括資本投資、創新投資、過度投資與投資不足。樣本包含2000年到2021年的台灣上市櫃公司，共計22個樣本年度，並排除金融業，總計27,288個觀測值。本研究發現管理者過度自信會增加資本投資，並發現管理者過度自信對創新投資在以高階管理者持股數增加代理過度自信的情況下，具有顯著正向影響；管理者過度自信會減緩投資不足的程度，並發現管理者過度自信對過度投資在以管理者過度自信綜合指標代理過度自信的情況下，具有顯著正向影響。

This study examines the impact of managerial overconfidence on investment decisions. Two proxy variables are used to measure managerial overconfidence, including an increase in the number of shares held by top managers and a composite index of managerial overconfidence. Investment decisions are categorized into four types, including capital investment, innovative investment, overinvestment, and underinvestment. The sample consists of 27,288 observations from 2000 to 2021 for Taiwan-listed and over-the-counter companies, excluding financial industries, with a total of 22 sample years. This study finds that managerial overconfidence increases capital investment. Furthermore, it reveals that managerial overconfidence has a significant positive impact on innovation investment when measured by an increase in the number of shares held by top managers. Managerial overconfidence also mitigates the degree of underinvestment. Additionally, the study finds a significant positive impact of managerial overconfidence on overinvestment when measured by the composite index of managerial overconfidence.

目錄
中文摘要	i
英文摘要	ii
目錄	iii
圖目錄	iv
表目錄	v
第壹章 緒論	1
第一節 研究背景與動機	1
第二節 研究目的	4
第三節 研究架構	5
第貳章 文獻探討與假說發展	7
第一節 資本投資、創新投資與投資效率	7
第二節 管理者過度自信	13
第三節 研究假說	19
第參章 研究方法	22
第一節 樣本選取與資料來源	22
第二節 變數定義與衡量	25
第三節 實證模型	33
第肆章 研究結果	39
第一節 敘述性統計	39
第二節 相關係數分析	40
第三節 管理者過度自信對資本投資與創新投資之影響	42
第四節 管理者過度自信對過度投資與投資不足之影響	46
第伍章 結論與建議	50
第一節 研究結論	50
第二節 研究貢獻與管理意涵	51
第三節 研究限制與建議	52
中文參考文獻	53
英文參考文獻	55

圖目錄
圖 1 研究流程圖	6

表目錄
表1 樣本產業分布表	23
表2 樣本年度分布表	24
表3 變數定義表	32
表4 敘述性統計表	40
表5 相關係數表	41
表6 高階管理者持股數增加對資本投資與創新投資之影響	44
表7 管理者過度自信綜合指標對資本投資與創新投資之影響	45
表8 高階管理者持股數增加對過度投資與投資不足之影響	48
表9 管理者過度自信綜合指標對過度投資與投資不足之影響	49

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