本研究主旨是在探討經理人過度自信、自由現金流量對研究發展支出影響之研究,即在經理人過度自信,同時在公司有足夠的自由現金流量下,是否會投入更多研究發展支出,由於不同類型的經理人,其心理特質也亦不同,進而產生不同的決策行為模試。本研究參考Malmendier and Tate (2005a)與張力等(2013)衡量過度自信的作法,並依據代理理論的觀點,經理人在有充足自由現金流量的情況下,加上相信自己能夠控制好研究發展的成果,進而投入更多的研究發展支出。 本研究以上市(櫃)公司經理人為研究對象,實證結果發現,有過度自信傾向的經理人,會投入較多的研究發展支出;而在自由現金流量充足的情況下,企業經理人可能會將自由現金流量作為其他用途,未必會將其投入研究發展支出;在企業自由現金流量充足的情況下,有過度自信的經理人較會將自由現金流量投入研究發展支出。
The purpose of this study is to examine the impact of managers overconfidence and free cash flow on R&D expenditures. This measurement of overconfidence is based on the study of Malmendier and Tate (2005a) and Chang et al. (2013). This study uses the sample of firms listed in Taiwan Stock Exchange. The empirical results show that overconfident managers will invest more R&D expenditures. Furthermore, when the free cash flow is sufficient, managers might not put its investment on R&D expenditures. Finally, the results show the interaction of managers overconfidence and free cash flow are significantly positive relationship on R&D expenditures.