CEO Overconfidence and Pecking Order Prediction- Evidence from Taiwanese Electronics Companies

經理人過度自信對公司融資順位的影響－以台電子公司為例

鄧家珍(Chia-Chen Teng) ； 劉維琪(Victor W. Liu)

《財務金融學刊》 19卷4期 (2011/12) Pp. 89-118

https://doi.org/10.6545/JFS.2011.19(4).3

摘要

國外研究發現，管理信念如過度自信或過度樂觀可以解釋公司融資順位行為的變化。然而，由於衡量國內過度樂觀指標有存續性的問題、過度樂觀與過度自信本質上的差異、以及跨國性過度自信程度上的不同，因此，我們認為以台灣經理人為主體的實證研究有其必要性。本篇論文以員工認股權證來衡量台灣電子公司經理人過度自信的程度，並重新測試過度自信與公司外部融資決策的關係。結果發現，在需要外部資金的情況下，過度自信經理人會比非過度自信經理人傾向於發行更多的債券，同時，也確認了管理信念在解釋公司融資順位的重要性。

關鍵字

過度自信 ； 融資順位理論 ； 管理信念 ； 員工認股權證 ； 融資決策

並列摘要

Previous studies suggest that managerial beliefs such as overconfidence and optimism help to explain variation in pecking-order behavior. Nevertheless, due to a limitation on the sustainability of the measure of optimism, the difference between optimism and overconfidence, and the cross-nation variation in overconfidence, we believe an additional test for CEO overconfidence in Taiwan is necessary. This paper uses employee stock options to measure the level of CEO overconfidence in Taiwanese electronics companies and tests the relationship between overconfidence and corporate external financing decisions. We find that, conditional on accessing external funds, overconfident CEOs issue more debt than non-overconfident ones, confirming the importance of managerial beliefs in explaining hierarchical financing.

並列關鍵字

Overconfidence ； Pecking order theory ； Managerial beliefs ； Employee stock option ； Financing decisions

參考文獻

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