經理人經歷多樣性對公司財務政策之影響-臺灣市場實證分析

CEO's career diversification and corporate financial policies: Evidence from Taiwan

黃科榮(Ko-Jung Huang)

指導教授 ： 何耕宇

國立臺灣大學/管理學院/財務金融學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.01340

摘要

本論文探討公司CEO經歷多樣性對公司財務政策之影響。我們使用2004年至2014年間，臺灣證券交易所之電子產業上市公司作為樣本。根據本研究的實證分析，我們得到結果如下: (一). 擁有更多元的職業生涯經驗的CEO，比較不會受限於公司內部有限的資金而影響其投資行為；(二). 擁有更多元的職業生涯經驗之公司CEO，其多元經驗將有助於公司更容易獲得外部融資管道的支持，包括金融機構貸款和貿易信貸。這些影響對於受到財務限制以及約束的企業尤其明顯。整體而言，足夠的外部經驗將有助於公司經理人累積和外部社會的連結及互動，除了有助於減少資金供給者和需求者之間的資訊不對稱，更有助於紓解公司內部資金不足之窘境，也因此表現出對公司內部資金較低的依賴性，亦即較低的投資現金敏感度。

關鍵字

CEO經歷多樣性 ； 財務限制 ； 投資現金敏感度 ； 內部資金和外部融資

並列摘要

This study examines the effects of CEO’s career experiences on corporate policies, including investment decision and financing decision. We use data of listed companies in the electronic industry in Taiwan Stock Exchange from 2004 to 2014. The main results show that (i) CEOs who have more diversified career experiences are less likely to be limited by insufficient internal capital. (ii) Firms with CEOs who have more diversified career experiences exploit more outside funds, including both financial institutions loans and trade credit payables. These effects are more pronounced in financially constrained companies. Overall, our findings indicate that sufficient external experiences are beneficial for CEOs to accumulate their own social connection which alleviates the information asymmetry and brings the better access to external financing. Therefore, those experiences can help firms to be less dependent on internal capital, and thus lower investment cash flow sensitivity.

並列關鍵字

CEO Career Diversification ； Financial Constraint ； Investment Cash Flow Sensitivity ； Internal and External Financing

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