管理者的樂觀情緒與投資效率之間的影響

Managerial Optimism and Investment Efficiency

林信宏(Shin-Hung Lin)

指導教授 ： 陳一如

元智大學/管理學院/商學碩士班(財務金融學程)/碩士(2011年)

摘要

以往的文獻說明管理者的樂觀情緒大多會影響公司的投資決策並造成潛在的投資扭曲，像是投資不足與過度投資等現象，而亦有學者著重在會計之觀點並證實了若一家公司的會計品質越高，則藉由減少投資不足與過度投資等現象能有效的增加該公司的投資效率。因此本篇研究欲著重於管理者行為的觀點並使用Campbell et al.(2010)中對於管理者樂觀的衡量方法。其主要的研究目的為不同等級的管理者樂觀情緒將如何幫助改善一家有投資不足或過度投資傾向之公司的投資效率，並進而探討是否也會增加該公司的價值。藉由研究這些公司投資不足與過度投資等現象的減少，我們發現當公司有投資不足的傾向時，如果同時存有高度樂觀的CEO則能夠藉由減少投資不足的現象來改善這些公司的投資效率並增加其公司價值；然而，當公司有過度投資的傾向時，並沒有足夠的證據顯示低度樂觀的管理者情緒能夠藉由減少投資不足等現象來有效的改善這些公司的投資效率並增加其公司價值。

關鍵字

管理者情緒 ； 投資效率 ； 過度投資 ； 投資不足

並列摘要

This study focuses on the viewpoint of managers own behavior and follows the measurement of Campbell et al. (2010) for managerial optimism. We investigate how different levels of managerial optimism help to improve the investment efficiency and firm value when firms are more prone to under- or over-invest. By studying the reduction of overinvestment and underinvestment of these conditional firms, we find that when firms are prone to under-invest, a firm with a CEO that has a high level of managerial optimism can improve the firm’s investment efficiency by reducing the degree of underinvestment, which further increases the firm’s value; this is consistent with our hypotheses. However, when firms are prone to over-invest, there is not sufficient evidence to show that a firm with a low level of managerial optimism will effectively improve the firm’s investment efficiency and increase firm value by reducing the degree of overinvestment.

並列關鍵字

Managerial optimism ； Investment efficiency ； Overinvestment ； Underinvestment

參考文獻

Barros, Lucas Ayres B.de C. and Alexandre Di Miceli da Silveira., 2007, Overconfidence, Managerial Optimism and the Determinants of Capital Structure, Working Paper.

Biddle, G., and Hilary, G., 2006, Accounting Quality and Firm-Level Capital Investment. The Accounting Review 81, 963–982.

Biddle, G., Hilary, G. and Verdi, R., 2009, How does financial reporting quality relate to investment efficiency?, Journal of Accounting and Economics 48, 112-131.

Campbell, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J., Stanley, B. W., 2011, CEO Optimism and Forced Turnover, Journal of Financial Economics 101, 695–712.

Deshmukh, S., Goel, A. M., and Howe, K. M., 2008, CEO Overconfidence and Dividend Policy: Theory and Evidence, Working Paper, DePaul University.