經理人教育背景與其內部人交易異常報酬之關聯

The Relationship between CEO and CFO Educational Background and Insider Trading Abnormal Returns

吳冠儀(Guan-Yi Wu)

指導教授 ： 高偉娟

共同指導教授 ： 林世銘(Su-Ming Lin)

國立臺灣大學/管理學院/會計學研究所/碩士(2018年)

https://doi.org/10.6342/NTU201802073

摘要

本研究旨在探討公司經理人教育背景與其出售股票後公司股價異常報酬之關聯性。過去甚少文獻研究公司經理人特質對於其內部人交易報酬之關聯，然而公司交易績效往往取決於公司經理人因教育背景差異而擁有之不同特質，因此本研究專注於探討不同教育背景與其出售股票後公司股價異常報酬之關聯性。
本研究以美國S&P1500公司2012年至2015年之資料作為樣本，並採用買後持有報酬，計算內部人交易之異常報酬，且以擁有商學院企管碩士學歷(MBA)與擁有會計師證照(CPA)作為主要變數。
本研究之實證結果發現，擁有MBA學歷之經理人，在出售股票後，公司股價會有負向異常報酬；而擁有CPA證照之經理人，在出售股票後，公司股價會有正向異常報酬。此顯示：當經理人擁有MBA學歷時，在推測公司近期股價將下跌或漲幅漸小時，較會提前出售股票；而擁有CPA證照之經理人，則較不會提前出售股票。然而，本研究之結果，並不代表擁有MBA學歷之經理人，傾向於利用公司私有資訊來進行違法之知情交易。另外，本研究亦發現，當公司CEO擁有CPA證照，而CFO擁有MBA學歷時，CEO對於CFO會有制衡效果；而當CEO擁有MBA學歷、CFO擁有CPA證照時，並未發現顯著之制衡效果。此顯示：當CEO擁有CPA證照時，比較能壓制擁有MBA學歷之CFO，使其不為了股票交易之短期績效，而在股價下跌前出售股票；反之，擁有CPA證照之CFO則較難有制衡效果。

關鍵字

內部人交易 ； 異常報酬 ； 執行長 ； 財務長 ； 教育背景 ； 制衡效果

並列摘要

This study examines the relationship between the educational background of CEOs and CFOs and insider trading abnormal returns. Few prior literature put emphasis on the association between personal attribute and the performance of insider trading. However trading performance, to a great degree, depends on the overall ability of insiders. As a result, this study focuses on the effect of different educational background of CEOs and CFOs on the risk appetite and the decision of insider trading. To better capture the medium-term investor experience, this research adopts buy-and-hold returns to calculate the abnormal returns. As for the educational background of a CEO or a CFO, this study uses his/her MBA degree and CPA license as the major proxies. Using a sample of S&P 1500 companies during 2012-2015, this research finds a negative association between the CEO or the CFO with an MBA degree and insider trading abnormal return, and a positive association between the CEO or the CFO with a CPA license and insider trading abnormal return. These results indicate that when the executives anticipate the stock price declining in the near term or the range of price increase is shrinking, the CEO or the CFO with an MBA degree might sell the stocks before bearing losses, while the CEO or the CFO with a CPA license might not sell the stock. Nevertheless, this result does not mean that the CEO or the CFO with an MBA degree tends to use the non-public information to execute illegal informed trades. In addition, this research finds a positive association between the situations that the CEO with a CPA license matched with the CFO with an MBA degree and insider trading abnormal returns, but there’s no significant association between the situations that CEO with an MBA degree matched with the CFO with a CPA license and insider trading abnormal returns. These results indicate that the CEO with a CPA license have power over the trading decision of the CFO with an MBA degree, while the CFO with a CPA license have no power over the trading decision of the CEO with an MBA degree.

並列關鍵字

Insider Trading ； Abnormal Returns ； CEO ； CFO ； Educational Background ； CEO power

參考文獻

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American Institute of Certified Public Accountants. (1991). AICPA Professional Standards 2(AICPA, New York, NY).