經理人過度自信、股權結構與公司績效之關聯性

本研究旨在探討經理人過度自信與股權結構（全部法人持股比例、大股東持股比例、內部人持股比例）與公司績效之關聯分析，研究以2014年至2018年之台灣上市上櫃公司為研究對象。　　研究結果發現，經理人過度自信在全部法人持股比例越高的情況下，公司績效將會提高，這可能是因為在全部法人持股比例越高對於監督經理人有激勵作用，這將會降低經理人做出對公司不利之決策而提高公司績效，這符合先前學者所提出的「效率監督假說」。經理人過度自信與大股東持股比例在實證結果中並不顯著。另外當內部人持股比例越高，自身利益與公司風險及價值相連結，這將會使的代理成本降低，並致力於提高公司績效，這與「利益一致假說」相一致。

關鍵字

過度自信；股權結構；公司績效

並列摘要

The purpose of this study is to explore the correlation analysis between managers' overconfidence, shareholding structure (shareholding ratio of all legal persons, shareholding ratio of large shareholders, insider holding ratio) and company performance. The company is the research object. 　　The results of the study found that the manager’s overconfidence will increase the company’s performance in the case of a higher proportion of all legal persons’ shareholdings. This may be because the higher the proportion of all legal persons’ shareholdings, the higher the motivation for managers to monitor the company. Will reduce the negative decisions made by managers and improve company performance, which is in line with the "efficiency supervision hypothesis" proposed by previous scholars. The manager's overconfidence and the shareholding ratio of large shareholders are not significant in the empirical results. The higher the shareholding ratio of insiders, the greater the self-interest is linked to the company's risk and value. This will reduce the agency cost and is dedicated to improving company performance. This is consistent with the "consistency hypothesis".